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The pair continued its upward movement on Friday and tested the target level of 161.8% at 1.3160 (blue dashed line). It somehow closed the day well below 1.3086. Today, the price is likely to resume its downward movement. Economic calendar news for the pound is expected at 08:30 UTC, and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
The market may move downward from the level of 1.3086 (closing of Friday's daily candle) with the target at 1.3036 - a 14.6% pullback level (red dotted line). If this level is reached, the downward movement may continue with the next target of 1.2953 - a 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today the price may move downward with the target of 1.3036 - a 14.6% pullback level (red dotted line). If this level is reached, the downward movement may continue with the next target of 1.2953 - a 23.6% pullback level (red dotted line).
Another possible scenario is from the level of 1.3086 (closing of Friday's daily candle) the price may move downward with the target of 1.3036 - a 14.6% pullback level (red dotted line). Upon reaching this level, an upward pullback is possible with the target at the upper fractal 1.3170 (red dashed line).
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