Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2547 (closing of yesterday's daily candle) to test the 14.6% pullback level at 1.2590 (red dotted line). Upon reaching this level, a continued upward movement is possible to test the 23.6% pullback level at 1.2622 (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – down;
- Bollinger bands – down;
- Weekly chart – up.
General conclusion: Today, the price may move upward from the level of 1.2547 (closing of yesterday's daily candle) to test the 14.6% pullback level at 1.2590 (red dotted line). Upon reaching this level, a continued upward movement is possible to test the 23.6% pullback level at 1.2622 (red dotted line).
Alternatively, from the level of 1.2547 (closing of yesterday's daily candlestick), the price may move downward to test the lower fractal at 1.2518 (yellow dotted line). Upon reaching this level, an upward movement is possible to test the 14.6% pullback level at 1.2590 (red dotted line).
