Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1324 (closing of yesterday's daily candle) to the target of 1.1223, the 23.6% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1408, the 76.4% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
General conclusion:
Today the price may move downward from the level of 1.1324 (closing of yesterday's daily candle) to the target of 1.1223, the 23.6% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1408, the 76.4% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.
Alternatively, the price may move downward from the level of 1.1324 (closing of yesterday's daily candle) to 1.1223, the 23.6% retracement level (yellow dotted line). Upon reaching this level, continued downward movement is possible with the target of 1.1180, the 13-period EMA (thin yellow line). When testing this level, the price may move up.
