Trend AnalysisThis week, the price — starting from 1.3160 (the closing price of the last weekly candle) — may continue its downward movement toward 1.2942, which corresponds to the 50% retracement level (red dotted line). Upon testing this level, the price may rebound upward toward 1.3044, a historical support level (light blue dotted line).
Fig. 1 (Weekly Chart)
Comprehensive Analysis:
Indicator analysis — downward
Fibonacci levels — downward
Volume analysis — downward
Candlestick analysis — downward
Trend analysis — downward
Bollinger Bands — downward
Monthly chart — downward
Overall conclusion from the weekly GBP/USD analysis:During the week, the price will most likely exhibit a downward trend, with no upper shadow on the weekly black candle (Monday — downward movement) and the presence of a lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.3160 (the closing price of the last weekly candle), the price may continue moving downward toward 1.2900, a historical support level (light blue dotted line). Upon reaching this level, the price may begin moving upward toward 1.2943, the 50% retracement level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com
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Fig. 1 (Weekly Chart)
Comprehensive Analysis:
Overall conclusion from the weekly GBP/USD analysis:During the week, the price will most likely exhibit a downward trend, with no upper shadow on the weekly black candle (Monday — downward movement) and the presence of a lower shadow (Friday — upward movement).
Alternative Scenario:
From the level of 1.3160 (the closing price of the last weekly candle), the price may continue moving downward toward 1.2900, a historical support level (light blue dotted line). Upon reaching this level, the price may begin moving upward toward 1.2943, the 50% retracement level (red dotted line).
The material has been provided by InstaForex Company - www.instaforex.com