Trend analysis
This week, GBP/USD may begin to move upwards from the level of 1.2585 (closing of the last weekly candle) to the 38.2% retracement level of 1.2772 (red dashed line). Upon reaching this price, the pair will go to the 50.0% retracement level of 1.2842 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - upward
Fibonacci levels - upward
Volumes - upward
Candlestick analysis - upward
Trend analysis - downward
Bollinger bands - downward
Monthly chart - upward
Conclusion: The indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).
So during the week, pound will rise from 1.2585 (closing of the last weekly candle) to the 38.2% retracement level of 1.2772 (red dashed line), and then move to the 50.0% retracement level of 1.2842 (red dashed line).
Alternatively, it could climb from 1.2585 (closing of the last weekly candle) to the 38.2% retracement level of 1.2772 (red dashed line), followed by a decline to the 14.6% retracement level of 1.2731 (blue dashed line).
