Trend analysis (Fig. 1)
GBP/USD will continue its upward movement, rising from 1.2028 (closing of yesterday's daily candle) to the historical resistance level of 1.2213 (blue dotted line). In case this level is tested, the pair will attempt to move downwards, aiming to reach the 23.6% retracement level at 1.2135 (yellow dotted line). The bullish momentum will resume after this level is hit.
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Weekly chart - uptrend
Conclusion: GBP/USD will rise from 1.2028 (closing of yesterday's daily candle) to the historical resistance level of 1.2213 (blue dotted line), fall to the 23.6% retracement level at 1.2135 (yellow dotted line), then resume the upward price movement.
Alternatively, the pair could go down from 1.2028 (closing of yesterday's daily candle) to the 38.2% retracement level at 1.1946 (yellow dashed line), then move up to the 21 EMA at 1.2085 (thin black line).
