Trend analysis
GBP/USD is likely to continue moving up this week, starting from the closing of last week's candle at 1.2089 to the upper fractal at 1.2445 (yellow dotted line). Upon testing this level, it will rise further to the historical resistance level at 1.2781 (blue dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).
So during the week, pound will rise from 1.2089 (closing last week's candle) to the upper fractal at 1.2445 (yellow dotted line), then move to the historical resistance level at 1.2781 (blue dotted line).
Alternatively, quotes could go up from 1.2089 (closing last week's candle) to the upper fractal at 1.2445 (yellow dotted line), then bounce down to the 14.6% retracement level at 1.2135 (yellow dotted line).
