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Trend analysis
GBP/USD will start decreasing this week, from the closing of the last weekly candle at 1.1885 to the 23.6% retracement level at 1.1628 (yellow dotted line). After that it will resume upward movement to the upper fractal at 1.2026 (yellow dotted line) and to higher price levels.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to a downward movement in GBP/USD.
Conclusion: The pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).
So during the week, pound will fall from 1.1885 (the closing of the last weekly candle) to the 23.6% retracement level at 1.1628 (yellow dashed line), then bounce up to the upper fractal at 1.2026 (yellow dotted line). The upward movement may continue from this level.
Alternatively, quotes could dip from 1.1885 (the closing of the last weekly candle) to the 14.6% retracement level at 1.1780 (yellow dotted line), then move up to the 85.4% retracement level at 1.2009 (blue 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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Forex Chart
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