Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1625 (close of yesterday’s daily candle) to 1.1532, the 14.6% retracement level (yellow dotted line). When testing this level, an upward movement is possible with the target of 1.1743, the upper fractal (blue dotted line). Upon reaching this level the price may move down.
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:
On Thursday, the price may move downward from the level of 1.1625 (close of yesterday’s daily candle) to 1.1532, the 14.6% retracement level (yellow dotted line). When testing this level, an upward movement is possible with the target of 1.1743, the upper fractal (blue dotted line). Upon reaching this level the price may move down.
Alternatively, the price may move upward from the level of 1.1625 (close of yesterday’s daily candle) with the target of 1.1743, the upper fractal (blue dotted line). When testing this level, a downward movement is possible with the target of 1.1429, the upper fractal (yellow dotted line). Upon reaching this level, the price may move up.
The material has been provided by InstaForex Company – www.instaforex.com
