Trend analysis
This week, the price may continue to rise with a target of 1.2445 (the upper fractal) from the level of 1.2092 (the close of the last weekly candle). When testing this level, it is possible to advance with 1.2600 as the target, a 76.6% retreat level.
Fig. 1 (weekly chart).
A comprehensive analysis
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candle analysis – up;
- Trend analysis – up;
- Bollinger lines –up;
- Monthly chart – up.
The sophisticated analysis has an upward movement as its conclusion.
The first lower shadow of the weekly white candle (Monday - down) and the existence of the second upper shadow indicate that the price for the next weeks is likely to have an upward trend. This is the overall result of calculating the candle of the GBP/USD currency pair on a weekly chart.
Price may continue to rise from the level of 1.2092 (close to the previous weekly candle), with the upper fractal objective of 1.2445 as the endpoint. When testing this level, it is possible to advance with 1.2600 as the target - a 76.6% retreat level.
Alternative scenario: The price may continue to rise with a target of 1.2445, the upper fractal, from the level of 1.2092 (close of the last weekly candle). When the price tests this level, a pullback movement downward with a target of 1.2138 - a pullback level of 14.6% - is possible.
