Trend analysis
GBP/USD may continue to move upwards from the level of 1.2200 (today's opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line). Upon reaching this price, the pair will rise further to the 38.2% retracement level of 1.2504 (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 1.2200 (today's opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), and then go to the 38.2% retracement level of 1.2504 (red dashed line).
Alternatively, it could move upward from 1.2200 (today's opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), followed by a decline to the historical support level of 1.2312 (blue dashed line).
