Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2111 (closing of yesterday's daily candle) to 1.2213, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2003, 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 1.2111 (closing of yesterday's daily candle) to 1.2213, the historical resistance level (blue dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2003, the 14.6% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
Alternatively, the price may move downward from the level of 1.2111 (closing of yesterday's daily candle) to 1.2004, the 14.6% retracement level (yellow dotted line). Upon reaching this level, an upward movement is possible.
