Trend analysis
This week, GBP/USD may begin to move upwards from the level of 1.2379 (closing of the last weekly candle) to the 14.6% retracement level of 1.2488 (red dashed line). Upon reaching this price, the pair will go to the 23.6% retracement level of 1.2557 (red dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - upward
Fibonacci levels - upward
Volumes - upward
Candlestick analysis - upward
Trend analysis - upward
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 no second upper shadow (Friday - upward).
So during the week, pound will rise from 1.2379 (closing of the last weekly candle) to the 14.6% retracement level of 1.2488 (red dashed line), and then move towards the 23.6% retracement level of 1.2557 (red dashed line).
Alternatively, it could continue moving downward from 1.2379 (closing of the last weekly candle) to the historical support level of 1.2312 (blue dashed line), followed by an increase to the 14.6% retracement level of 1.2488 (red dashed line).
