Trend analysis (Fig. 1)
GBP/USD may start rising on Friday, starting from the closing of yesterday's daily candle at 1.1942 to the 38.2% retracement level at 1.2007 (yellow dashed line). If this level is tested, the pair will continue moving up to the 50.0% retracement level at 1.2032 (yellow dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - downtrend
Weekly chart - uptrend
Conclusion: GBP/USD will move up from 1.1942 (closing of yesterday's daily candle) to the 38.2% retracement level at 1.2007 (yellow dashed line), and then head towards the 50.0% retracement level at 1.2032 (yellow dashed line).
Alternatively, the pair could climb from 1.1942 (closing of yesterday's daily candle) to the 38.2% retracement level at 1.2007 (yellow dashed line), and then bounce towards the lower fractal at 1.1924. The upward movement will continue after the level is tested.
