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Trend analysis
This week, GBP/USD may continue moving upward from the level of 1.2694 (closing price of the last weekly candle) to the resistance line at 1.2895 (thick blue line). Upon testing this price, it may turn around and fall to the 61.8% retracement level of 1.2746 (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 (Tuesday - upward) and no second upper shadow (Friday - upward).
So during the week, pound will rise from 1.2694 (closing price of the last weekly candle) to the resistance line at 1.2895 (thick blue line), and then turn around and decline to the 61.8% retracement level of 1.2746 (red dashed line).
Alternatively, it could climb from 1.2694 (closing price of the last weekly candle) to the upper fractal at 1.2793 (weekly candle from December 10, 2023), followed by a downward movement to the 61.8% retracement level of 1.2746 (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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