Trend analysis (Fig. 1)
On Tuesday, following a downward movement from the level of 1.2821 (closing price of yesterday's daily candle) to the support line of 1.2766 (bold blue line), GBP/USD will rise towards the 100% retracement level of 1.2847 (red dashed line).
Fig. 1 (daily chart)
Comprehensive analysis:
Indicator analysis - downtrend
Volumes - downtrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - downtrend
Weekly chart - uptrend
Conclusion: GBP/USD will decline from the level of 1.2821 (closing price of yesterday's daily candle) to the support line of 1.2766 (bold blue line), and then bounce up towards the 100% retracement level of 1.2847 (red dashed line).
Alternatively, the pair, moving upward from the level of 1.2821 (closing price of yesterday's daily candle), will test the 38.2% retracement level of 1.2929 (blue dashed line), and then resume a price retracement downwards.
