Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2534 (closing of yesterday's daily candle) to 1.2487, the 14.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.2558 (yellow dotted line). Upon testing this level, the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – down;
- Fibonacci levels – down;
- Volumes – down;
- Candlestick analysis – down;
- Trend analysis – down;
- Weekly chart – up;
- Bollinger bands – up.
General conclusion: Today, the price may move downward from the level of 1.2534 (closing of yesterday's daily candle) to 1.2487, the 14.6% pullback level (yellow dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.2558 (yellow dotted line). Upon testing this level, the price may continue to move up.
Alternatively, the price may move downward from the level of 1.2534 (closing of yesterday's daily candle) to 1.2473, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to the upper fractal at 1.2558 (yellow dotted line). If this level is tested, the price may continue to move up.
