GBP/USD may continue its upward movement this week, starting from the level of 1.2730 (closing of the last weekly candle) to the 50% retracement level of 1.2878 (red dotted line). Upon reaching this price, the pair will go to the 61.8% retracement level of 1.2941 (red dotted line), and then move further upwards.
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 (Monday – upward) and a second upper shadow (Friday – downward).
So during the week, pound will rise from 1.2730 (closing of the last weekly candle) to the 50% retracement level of 1.2878 (red dotted line), and then go to the 61.8% retracement level of 1.2941 (red dotted line). It may move further upwards after the price tests.
Alternatively, the quote may decline from 1.2730 (closing of the last weekly candle) to the lower fractal at 1.2615 (red dotted line), followed by a rise to the 50.0% retracement level of 1.2878 (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
GBP/USD may continue its upward movement this week, starting from the level of 1.2730 (closing of the last weekly candle) to the 50% retracement level of 1.2878 (red dotted line). Upon reaching this price, the pair will go to the 61.8% retracement level of 1.2941 (red dotted line), and then move further upwards.
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 (Monday – upward) and a second upper shadow (Friday – downward).
So during the week, pound will rise from 1.2730 (closing of the last weekly candle) to the 50% retracement level of 1.2878 (red dotted line), and then go to the 61.8% retracement level of 1.2941 (red dotted line). It may move further upwards after the price tests.
Alternatively, the quote may decline from 1.2730 (closing of the last weekly candle) to the lower fractal at 1.2615 (red dotted line), followed by a rise to the 50.0% retracement level of 1.2878 (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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