Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1539 (close of yesterday's daily candle) to 1.1468, the 23.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1743 (blue dotted line). Upon testing this level, the price may roll back down.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- volumes – down;
- candlestick analysis – down;
- trend analysis – up;
- weekly chart – up;
- Bollinger Bands – up.
General conclusion:
Today the price may move downward from the level of 1.1539 (close of yesterday's daily candle) to 1.1468, the 23.6% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1743 (blue dotted line). Upon testing this level, the price may roll back down.
Alternatively, the price may move downward from the level of 1.1539 (close of yesterday's daily candle) to 1.1363, the 38.2% retracement level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.1743 (blue dotted line). Upon testing this level, the price may roll back down.
