Trend analysis
GBP/USD will start decreasing this week, from the closing of the last weekly candle at 1.1831 to the 14.6% retracement level at 1.1632 (yellow dotted line). After that it will resume upward movement to the 85.4% retracement level at 1.2009 (dashed blue line) and to higher price levels.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to a downward movement in GBP/USD.
Conclusion: The pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).
So during the week, pound will fall from 1.1831 (the closing of the last weekly candle) to the 14.6% retracement level at 1.1632 (yellow dotted line), then bounce up to the 85.4% retracement level at 1.2009 (dashed blue line) and to higher price levels.
Alternatively, quotes could dip from 1.1831 (the closing of the last weekly candle) to the 23.6% retracement level at 1.1495 (yellow dotted line), then move up to the upper fractal at 1.1853 (yellow dotted line).
