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Trend Analysis.
This week, from the level of 1.3329 (the close of the latest weekly candle), the price may begin moving downward toward 1.3270 – a historical resistance level (blue dashed line). When testing this level, the price may pull back upward toward 1.3348 – the resistance line (thick red line).
Fig. 1 (weekly chart).
Comprehensive Analysis:
Conclusion of comprehensive analysis: downward movement.
Overall weekly forecast for the GBP/USD weekly candle:The price will most likely show a downward trend during the week, with the weekly black candle lacking an upper shadow (Monday – downward movement) and having a lower shadow (Friday – upward movement).
Alternative scenario:From the level of 1.3329 (the close of the latest weekly candle), the price may begin moving downward toward 1.3142 – the 38.2% retracement level (red dashed line). Upon reaching this level, upward movement toward 1.3270 – the historical resistance level (blue dashed line) – is possible.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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