This week, GBP/USD may move downward from the level of 1.2379 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2259 (red dashed line). Upon testing this price, it will turn around and move upward to the 38.2% retracement level of 1.2502 (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 – downward
Monthly chart – upward
Conclusion: The indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly white candle (Monday – downward) and no second upper shadow (Friday – upward).
So during the week, pound will fall from 1.2379 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2259 (red dashed line), and then turn around and climb towards the 38.2% retracement level of 1.2502 (red dashed line).
Alternatively, it could rise from 1.2379 (closing price of the last weekly candle) to the 38.2% retracement level of 1.2502 (red dashed line), followed by a downward movement.
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
This week, GBP/USD may move downward from the level of 1.2379 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2259 (red dashed line). Upon testing this price, it will turn around and move upward to the 38.2% retracement level of 1.2502 (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 – downward
Monthly chart – upward
Conclusion: The indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly white candle (Monday – downward) and no second upper shadow (Friday – upward).
So during the week, pound will fall from 1.2379 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2259 (red dashed line), and then turn around and climb towards the 38.2% retracement level of 1.2502 (red dashed line).
Alternatively, it could rise from 1.2379 (closing price of the last weekly candle) to the 38.2% retracement level of 1.2502 (red dashed line), followed by a downward movement.
The material has been provided by InstaForex Company – www.instaforex.com
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