GBP/USD may continue to move upwards from the level of 1.2200 (today’s opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line). Upon reaching this price, the pair will rise further to the 38.2% retracement level of 1.2504 (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 no first lower shadow on the weekly white candle (Monday – upward) and no second upper shadow (Friday – upward).
So during the week, pound will rise from 1.2200 (today’s opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), and then go to the 38.2% retracement level of 1.2504 (red dashed line).
Alternatively, it could move upward from 1.2200 (today’s opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), followed by a decline to the historical support level of 1.2312 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
GBP/USD may continue to move upwards from the level of 1.2200 (today’s opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line). Upon reaching this price, the pair will rise further to the 38.2% retracement level of 1.2504 (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 no first lower shadow on the weekly white candle (Monday – upward) and no second upper shadow (Friday – upward).
So during the week, pound will rise from 1.2200 (today’s opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), and then go to the 38.2% retracement level of 1.2504 (red dashed line).
Alternatively, it could move upward from 1.2200 (today’s opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), followed by a decline 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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