Trend analysis (Fig. 1)
GBP/USD may start moving down this Monday, starting from the closing of Friday's daily candle at 1.2562 to the 23.6% retracement level at 1.2497 (blue dashed line). After this level is tested, the pair will slide further down to the 38.2% retracement level at 1.2467 (blue dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - uptrend
Weekly chart - downtrend
Conclusion: GBP/USD is likely to decline from the level of 1.2562 (closing of Friday's daily candle) to the 23.6% retracement level at 1.2497 (blue dashed line). Afterwards, it will move to the 38.2% retracement level at 1.2467 (blue dashed line).
Alternatively, the pair could go down from the level of 1.2562 (closing of Friday's daily candle) to the 23.6% retracement level at 1.2497 (blue dashed line). Then, there will be a rebound towards the upper fractal at 1.2583 (yellow dashed line).
