Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1233 (close of yesterday's daily candle) to 1.1055, the 38.2% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1140, the 38.2% 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 - down;
- Bollinger bands - up;
- weekly chart - down.
General conclusion :
Today, the price may move downward from the level of 1.1233 (close of yesterday's daily candle) to 1.1055, the 38.2% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1140, the 38.2% 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 1.1233 (close of yesterday's daily candle) to 1.1055, the 38.2% retracement level (yellow dotted line). After testing this level, an upward movement is possible to the 1.1385 resistance level (thick blue line). Upon reaching this level, the price may move down.
