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This week, the price may start moving downward from 1.2631 (the closing level of the last weekly candle), targeting 1.2540—the 23.6% retracement level (red dashed line). Upon testing this level, the price could reverse upwards toward 1.2689—the upper fractal (red dashed line).
Based on the weekly chart projection, GBP/USD is likely to follow a downward trend, with no initial upper shadow on the weekly black candle (Monday – down) and the presence of a lower shadow on Friday indicating a potential upward retracement.
The price may initially decline from 1.2631 toward 1.2592 (14.6% retracement level, red dashed line). If tested, the price could then initiate an upward movement toward 1.2765—the 50% retracement level (blue dashed line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
