Trend analysis
GBP/USD will continue increasing this week, starting from the closing of the last weekly candle at 1.1087 to the 50.0% retracement level at 1.1319 (dashed blue line). After that it will move to the 61.8% retracement level at 1.1549 (blue dotted line), then start a downward movement.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).
So during the week, pound will rise from 1.1087 (the closing of the last weekly candle) to the 50.0% retracement level at 1.1319 (dashed blue line), go to the 61.8% retracement level at 1.1549 (blue dotted line), then start a downward movement.
Alternatively, quotes could fall down from 1.1087 (closing of the last weekly candle) to the 261.8% retracement level at 1.0895 (yellow dotted line), then bounce up to the 50.0% retracement level at 1.1319 (dashed blue line). The pair may continue to rise after testing this level.
