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Last week, the pound/dollar pair tested the resistance line of 1.3702 (red bold line) after rebounding from the level of 1.3475 (blue thin line) – 8th average EMA and made a slight downward pullback, closing the weekly candle at 1.3683. This week, there is a high possibility that the price may continue to rise.
Trend analysis
This week, the price from the level of 1.3683 (closing of the last weekly candle) is expected to increase to the target of 1.3942 (blue dotted line) – the 85.4% pullback level. Once this level is tested, the upward movement can resume to the target of 1.4021 (white thick line) – the resistance line.
Figure 1 (weekly chart)
Comprehensive analysis:
An upward movement can be concluded based on comprehensive analysis.
The overall result of the candlestick calculation based on the weekly chart: the price will most likely have an upward trend this week, without the first lower shadow in the weekly white candlestick (Monday - up) and without the second upper shadow (Friday - up).
The first upward target is 1.3942 (blue dotted line) – a pullback level of 85.4%. After testing this level, it is possible to continue the upward movement to the target of 1.4021 (white thick line) – the resistance line.
An alternative scenario: the price from the level of 1.3683 (closing of the last weekly candle) is likely to increase to the target of 1.3751 (red dashed line) – a pullback level of 14.6%. From this level, further growth can be expected.
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