15.04.202408:55 Forex Analysis & Reviews: Technical analysis of GBP/USD for April 15-20, 2024

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Trend analysis

GBP/USD may move upward this week, starting from the level of 1.2445 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2493 (yellow dashed line). Following this, the pair will climb to the 23.6% retracement level of 1.2535 (yellow dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - downward

Bollinger bands - upward

Monthly chart - down ward

Conclusion: The indicators point to an upward movement in GBP/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).

So, during the week, pound will rise from 1.2445 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2493 (yellow dashed line), and then approach the 23.6% retracement level of 1.2535 (yellow dashed line).

Alternatively, it could climb from 1.2445 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2493 (yellow dashed line), followed by a pullback to the 61.8% retracement level of 1.2363 (blue dashed line).

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