26.04.202112:00 Forex Analysis & Reviews: Technical analysis for GBP/USD pair for the week of April 26-May 1, 2021

Trend analysis

This week, the price from the level of 1.3878 (closing of the last weekly candle) is expected to move up to the target of 1.3984 (blue bold line) – the resistance line. After reaching this line, it may further increase to the target of 1.4092 (yellow dotted line) – the pullback level of 76.4%. If this line is tested, the upward movement may continue to the target of 1.4142 (yellow dotted line) – the pullback level of 85.4%.

Fig. 1 (weekly chart).

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - up
• Monthly chart - up

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 move in an upward trend, both without the first lower shadow (Monday - up) and without the second upper shadow (Friday - up) in the weekly white candlestick.

The first upward target is set at 1.3984 (blue bold line) – the resistance line. After reaching this level, the price may further increase to the next target of 1.4092 (yellow dotted line) – the pullback level of 76.4%. Once this line is tested, the upward movement may extend to the target of 1.4142 (yellow dotted line) – the pullback level of 85.4%.

As an alternative, the price from the level of 1.3878 (closing of the last weekly candle) may decline to the target of 1.3816 (red dotted line) – the pullback level of 14.6%. After testing this level, it may further rise to the target of 1.3984 (blue bold line) – the resistance line.