Trend analysis
GBP/USD may continue its increase this week, rising from 1.2624 (closing price of the last weekly candle) to the historical resistance level of 1.2761 (blue dashed line). It may start a retracement downward, towards the 61.8% retracement level of 1.2718 (red dashed line) after testing the level.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - upward
Fibonacci levels - upward
Volumes - upward
Candlestick analysis - upward
Trend analysis - upward
Bollinger bands - upward
Monthly chart - upward
Conclusion: The indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with bo first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).
So during the week, pound will climb from 1.2624 (closing price of the last weekly candle) to the historical resistance level of 1.2761 (blue dashed line), and then turn around and fall towards the 61.8% retracement level of 1.2718 (red dashed line).
Alternatively, it could rise from 1.2624 (closing price of the last weekly candle) to the historical resistance level of 1.2761 (blue dashed line), followed by a further upward movement.
