Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2274 (closing of yesterday's daily candle) to test 1.2306, the 38.2% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible to test 1.2342, the 23.6% pullback level (yellow dotted line), where the price may decline.
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 upward from the level of 1.2274 (closing of yesterday's daily candle) to test 1.2306, the 38.2% pullback level (red dotted line). Upon testing this level, a continued upward movement is possible to test 1.2342, the 23.6% pullback level (yellow dotted line), where the price may decline.
Alternatively, the price may move upward from the level of 1.2274 (closing of yesterday's daily candle) to test 1.2306, the 38.2% pullback level (red dotted line). Upon testing this level, the price may move downward to test 1.2290, the 38.2% pullback level (yellow dotted line).
