GBP/USD may start moving down this week, starting from the level of 1.2693 (closing of the last weekly candle) to the support line located at 1.2587 (thick white line). Upon reaching this price, the pair will resume an upward movement towards the historical resistance level at 1.3035 (blue dotted 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: All indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will likely have a bullish trend, with a first lower shadow on the weekly white candle (Monday – downward) and a second upper shadow (Friday – downward).
So during the week, pound will fall from the level of 1.2693 (closing of the last weekly candle) to the support line at 1.2587 (thick white line), and then bounce up to the historical resistance level at 1.3035 (blue dotted line).
Alternatively, the quote may continue to slide down from 1.2693 (closing of last week’s candle) to the historical support level at 1.2499 (blue dotted line), followed by a rise to the upper fractal at 1.2847 (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
GBP/USD may start moving down this week, starting from the level of 1.2693 (closing of the last weekly candle) to the support line located at 1.2587 (thick white line). Upon reaching this price, the pair will resume an upward movement towards the historical resistance level at 1.3035 (blue dotted 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: All indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will likely have a bullish trend, with a first lower shadow on the weekly white candle (Monday – downward) and a second upper shadow (Friday – downward).
So during the week, pound will fall from the level of 1.2693 (closing of the last weekly candle) to the support line at 1.2587 (thick white line), and then bounce up to the historical resistance level at 1.3035 (blue dotted line).
Alternatively, the quote may continue to slide down from 1.2693 (closing of last week’s candle) to the historical support level at 1.2499 (blue dotted line), followed by a rise to the upper fractal at 1.2847 (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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