Trend Analysis.
This week, from the level of 1.3525 (the close of the last weekly candle), the price may continue moving upward with the target at 1.3593 – the upper fractal (yellow dotted line). Upon testing this level, the price may pull back downward toward the 14.6% retracement level at 1.3527 (yellow dotted line).
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 from comprehensive analysis: upward trend.
Overall result for the GBP/USD weekly chart candle: The price during the week is most likely to follow an upward trend, with no lower shadow on the weekly white candle (Monday – upward) and the presence of an upper shadow (Friday – downward).
Alternative Scenario: From the level of 1.3525 (the close of the last weekly candle), the price may begin an upward movement with the target at 1.3626 – the historical resistance level (blue dotted line). Upon reaching this line, the price may move downward with the target at 1.3593 – the upper fractal (yellow dotted line).
