This week, GBP/USD may move upwards from the level of 1.2159 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line). It will continue to the 21 EMA located at 1.2414 (black thin 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 no lower shadow on the weekly white candle (Monday – upward) and no upper shadow (Friday – upward).
So during the week, pound will rise from 1.2159 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), and then move towards the 21 EMA located at 1.2414 (black thin line).
Alternatively, it could climb upwards from 1.2159 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), followed by a rebound to the historical support level of 1.2312 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
This week, GBP/USD may move upwards from the level of 1.2159 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line). It will continue to the 21 EMA located at 1.2414 (black thin 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 no lower shadow on the weekly white candle (Monday – upward) and no upper shadow (Friday – upward).
So during the week, pound will rise from 1.2159 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), and then move towards the 21 EMA located at 1.2414 (black thin line).
Alternatively, it could climb upwards from 1.2159 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), followed by a rebound to the historical support level of 1.2312 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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