Last week, the pair, having recovered from the pullback level of 50% - 1.2462 (red dashed line), moved down, testing the pullback level of 23.6% - 1.2230 (blue dashed line). Most likely, the price may continue to move up this week.
This week, the price from the level of 1.2264 (closing of the last weekly candle) will move up with the first upper target of 1.2462 - a pullback level of 50.0% (red dashed line), and if this line is reached, we can continue to further work up with a target of 1.2710 - a pullback level of 61.8% (red dashed line).
Fig. 1 (weekly schedule).
- 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 first upper target 1.2462 is a pullback level of 50.0% (red dashed line), and if this line is reached, we can continue to further work up with a target of 1.2710 - a pullback level of 61.8% (red dashed line).
An unlikely scenario: from a pullback level of 14.6% - 1.2326 (blue dashed line) work down with the first target of 1.2074 - a pullback level of 38.2% (blue dashed line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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