Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1558 (close of yesterday's daily candle) to 1.1468, the 23.6% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1643, the historical resistance 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 1.1558 (close of yesterday's daily candle) to 1.1468, the 23.6% retracement level (yellow dotted line). After testing this level, an upward movement is possible with the target of 1.1643, the historical resistance 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 1.1558 (close of yesterday's daily candle) to 1.1418, the historical support level (blue dotted line). After testing this level, an upward movement is possible with the target at the 1.1665 resistance level (thick red line). Upon reaching this level, the price may continue to move up.
