Last week, the price, moving up and testing the pullback level of 38.2% - 1.3177 (yellow dotted line), went down. Moreover, moving down on the news, once again reached the support line – 1.3009 (blue thick line). Next week, there may be an upward movement.
Trend analysis (Fig. 1).
In the coming week, the price will move up with the first target at 1.3177 – a pullback level of 38.2% (yellow dotted line).
Fig. 2 (weekly schedule).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger lines - down;
- Monthly schedule - up.
The conclusion of the complex analysis - upward movement.
The overall result of the calculation of the GBP/USD currency pair candle on the weekly chart: the price for weeks is more likely to have an upward trend with the presence of the first lower shadow at the weekly white candle (Monday – down) and the second upper shadow (Friday – down).
In the coming week, the price will move up with the first target at 1.3177 – a pullback level of 38.2% (yellow dotted line).
The material has been provided by InstaForex Company - www.instaforex.com