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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)
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).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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