Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.1157 (close of yesterday’s daily candle) to the 1.1300 resistance level (thick blue line). Upon reaching this level, continued upward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- indicator analysis – up;
- Fibonacci levels – up;
- volumes – up;
- candlestick analysis – up;
- trend analysis – up;
- Bollinger bands – up;
- weekly chart – up.
General conclusion :
Today the price may move upward from the level of 1.1157 (close of yesterday’s daily candle) to the 1.1300 resistance level (thick blue line). Upon reaching this level, continued upward movement is possible.
Alternatively, the price may move upward from the level of 1.1157 (close of yesterday’s daily candle) to 1.1418, the 76.4% retracement level (blue dotted line). After testing this level, a downward movement is possible with the target of 1.1280, the 50.0% retracement level (yellow dotted line). Upon reaching this level, the price may move up.
The material has been provided by InstaForex Company – www.instaforex.com
