The GBP/USD pair, having recovered from the pullback level of 23.6% - 1.2230 (blue dashed line) last week, moved up, testing the upper fractal of 1.2485 (blue dashed line). Most likely, the price may continue to increase this week.
Trend analysis.
The price from the level of 1.2445 (closing of the last weekly candle) will move up this week, with the first upper target of 1.2710 - a pullback level of 61.8% (red dashed line), and if this line is reached, then it will work up further with the target of 1.2979 - a pullback level of 76.4% (red dashed line).
Fig. 1 (weekly schedule).
Comprehensive analysis:
- indicator analysis - up;
- Fibonacci levels - up;
- volumes - up;
- candlestick analysis - up;
- trend analysis - up;
- Bollinger lines - down;
- monthly chart - up.
The conclusion of a comprehensive analysis is an upward movement.
The overall result of calculating the candle of the GBP / USD currency pair according to the weekly chart: the price of the week will most likely have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the absence of the second upper shadow (Friday - up).
The upper target of 1.2710 is a pullback level of 61.8% (red dashed line).
An unlikely scenario: working down with the first target of 1.2230 - a pullback level of 23.6% (blue dashed line) from the level of 1.2485 (blue dashed line).
The material has been provided by InstaForex Company - www.instaforex.com