Trend analysis
This week, GBP/USD may start moving upward from the level of 1.2222 (closing price of the last weekly candle) to the historical resistance level of 1.2312 (blue dashed line). Upon testing this price, it will move towards the 23.6% retracement level of 1.2353 (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 1.2222 (closing price of the last weekly candle) to the historical resistance level of 1.2312 (blue dashed line), and then move towards the 23.6% retracement level of 1.2353 (red dashed line).
Alternatively, it could move upward from 1.2222 (closing price of the last weekly candle) to the historical resistance level of 1.2312 (blue dashed line), followed by a downward movement to the 14.6% retracement level of 1.2259 (red dashed line).
