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Trend analysis
GBP/USD may start moving down this week, starting from the closing of last week's candle at 1.2228 to the support line at 1.2046 (thick blue line). Then, upon testing this level, the pair may rise to the historical resistance level at 1.2650 (blue dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly white candle (Monday - down) and no second upper shadow (Friday - up).
So during the week, pound will fall from 1.2228 (closing of last week's candle) to the support line at 1.2046 (thick blue line), then bounce up to the historical resistance level at 1.2650 (blue dotted line).
Alternatively, quotes could go up from 1.2228 (closing of last week's candle) to the upper fractal at 1.2442 (yellow dotted line), then bounce down to the 14.6% retracement level at 1.2135 (yellow dotted line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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