Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1860 (close of yesterday's daily candle) to the upper fractal at 1.2026 (yellow dotted line). Upon reaching this level, a downward movement is possible with the target at 1.1897, the 14.6% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
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 1.1860 (close of yesterday's daily candle) to the upper fractal at 1.2026 (yellow dotted line). Upon reaching this level, a downward movement is possible with the target at 1.1897, the 14.6% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
Alternatively, the price may move upward from the level of 1.1860 (close of yesterday's daily candle) to the upper fractal at 1.2026 (yellow dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2213, the historical resistance level (blue dotted line).
