11.11.201908:37 Forex Analysis & Reviews: Technical analysis for the GBP/USD currency pair for the week from November 11 to 16

Trend analysis.

This week, the price will move down with the first target of 1.2608 – a retracement level of 38.2% (red dotted line). If achieved, the next target is 1.2483 – a retracement level of 50.0% (red dotted line).

Fig. 1 (weekly chart).

Complex analysis:

- Indicator analysis – up;

- Fibonacci levels – down;

- Volumes – up;

- Candlestick analysis – down;

- Trend analysis – down;

- Bollinger bands – down;

- Monthly chart – down.

The conclusion of the complex analysis – a downward movement.

The overall result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price for weeks will most likely have a downward trend with the absence of the first upper shadow of the weekly black candlestick (Monday – down) and the absence of the second lower shadow (Friday – down).

The lower target of 1.2608 – a retracement level of 38.2% (red dotted line). If achieved, the next target is 1.2483 – a retracement level of 50.0% (red dotted line).

An unlikely scenario – from the level of 1.2784, work up with the target of 1.2925 – resistance line (red bold line).