Trend analysis
GBP/USD will start moving downward this week, most likely from the closing of the last weekly candle at 1.2088 to the 14.6% retracement level at 1.1886 (yellow dotted line). But after that it will rise to the upper fractal at 1.2295 (blue dotted 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 1.2088 (the closing of the last weekly candle) to the 14.6% retracement level at 1.1886 (yellow dotted line), then bounce up to the upper fractal at 1.2295 (blue dotted line). The upward movement may continue from this level.
Alternatively, quotes could dip from 1.2088 (the closing of the last weekly candle) to the 23.6% retracement level at 1.1725 (yellow dotted line), then move up to the 85.4% retracement level at 1.2009 (blue dotted line).
