Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1352 (close of yesterday's daily candle) to 1.1542, the 85.4% retracement level (blue dotted line). When testing this level, continued upward movement is possible with the target of 1.1743, the upper fractal (blue dotted line). Upon reaching this level, the price may roll back down.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger bands - up;
- weekly chart - up.
General conclusion:
Today, the price may move upward from the level of 1.1352 (close of yesterday's daily candle) to 1.1542, the 85.4% retracement level (blue dotted line). When testing this level, continued upward movement is possible with the target of 1.1743, the upper fractal (blue dotted line). Upon reaching this level, the price may roll back down.
Alternatively, the price may move upward from the level of 1.1352 (close of yesterday's daily candle) to 1.1416, the 76.4% retracement level (blue dotted line). When testing this level, a downward movement is possible with the target of 1.1279, the 50.0% retracement level (yellow dotted line).
