Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2163 (closing of yesterday's daily candle) to test 1.2139, the 14.6% pullback level (red dotted line). After this, an upward movement is possible to test 1.2203, the 23.6% pullback level (red dotted line). Upon testing this level, the price may continue to move upward to 1.2264, the 23.6% pullback level (yellow dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
General conclusion: Today, the price may move downward from the level of 1.2163 (closing of yesterday's daily candle) to test 1.2139, the 14.6% pullback level (red dotted line). After this, an upward movement is possible to test 1.2203, the 23.6% pullback level (red dotted line). Upon testing this level, the price may continue to move upward to 1.2264, the 23.6% pullback level (yellow dotted line).
Alternatively, the price may move downward from the level of 1.2163 (closing of yesterday's daily candle) to test 1.2139, the 14.6% pullback level (red dotted line). From this level, an upward movement is possible to test 1.2203, the 23.6% pullback level (red dotted line). After testing this level, the price may move down.
