Trend analysis
This week, GBP/USD may move downward from the level of 1.2379 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2259 (red dashed line). Upon testing this price, it will turn around and move upward to the 38.2% retracement level of 1.2502 (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 a first lower shadow on the weekly white candle (Monday - downward) and no second upper shadow (Friday - upward).
So during the week, pound will fall from 1.2379 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2259 (red dashed line), and then turn around and climb towards the 38.2% retracement level of 1.2502 (red dashed line).
Alternatively, it could rise from 1.2379 (closing price of the last weekly candle) to the 38.2% retracement level of 1.2502 (red dashed line), followed by a downward movement.
