Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2462 (closing of Friday's daily candle) with a target of 1.2559, the 38.2% pullback level (red dotted line). Upon reaching this level, the price may move down.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.2462 (closing of Friday's daily candle) with a target of 1.2559, the 38.2% pullback level (red dotted line). Upon reaching this level, the price may move down.
Alternatively, the price may move upward from the level of 1.2462 (closing of Friday's daily candle) with a target of 1.2524, the historical resistance level (blue dotted line). Upon reaching this level, the price may continue to move up.
