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Trend analysis
GBP/USD may start moving upward this week, from the level of 1.2731 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2766 (yellow dashed line). After that it will likely approach the 76.4% retracement level of 1.2880 (red dashed 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: The indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).
So, during the week, pound will rise from 1.2731 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2766 (yellow dashed line), and then move towards the 76.4% retracement level of 1.2880 (red dashed line).
Alternatively, it could climb from 1.2731 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2766 (yellow dashed line), followed by a retreat down to the 61.8% retracement level of 1.2719 (red dashed 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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