Trend Analysis
This week, from the level of 1.3429 (the closing price of the last weekly candle), the price may begin moving downward toward 1.3141 — the 38.2% retracement level (red dashed line). Upon testing this level, the price may retrace upward toward 1.3270 — the historical support level (blue dashed line).
Fig. 1 (Weekly Chart)
Comprehensive Analysis:
- Indicator analysis — downward
- Fibonacci levels — downward
- Volume — downward
- Candlestick analysis — downward
- Trend analysis — downward
- Bollinger Bands — downward
- Monthly chart — downward
Overall conclusion: During the week, the GBP/USD price is most likely to follow a downward trend, forming a black weekly candle with a first upper shadow (Monday — upward movement) and a second lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.3429 (the closing price of the last weekly candle), the price may begin moving downward toward 1.3369 — the historical support level (blue dashed line). Upon reaching this level, the price may move upward toward 1.3389 — the 23.6% retracement level (red dashed line).
