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The pound/dollar pair moved in a side channel yesterday. While moving down, the price tested the 13 EMA - 1.3880 (yellow thin line) and then went up, testing the upper fractal - 13925 (daily candle from 03/05/2021). The market closed the daily candlestick at 1.3900. Today, the price is likely to continue its upward movement. And according to the economic calendar, important news will be released at 08.30, 11.00 UTC (pound) and 12.30 UTC (dollar). Much will depend on the news that comes out at 11.00 UTC.
Trend analysis (Fig. 1).
On Thursday, the market from the level of 1.3900 (closing of yesterday's daily candlestick) is likely to continue to move upward with the target of 1.3948 - the 50.0% retracement level (blue dotted line). After testing this line, it is possible that the movement will continue upward, with the target at 1.4014 - the 61.8% retracement level (blue dashed line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.3900 (closing of yesterday's daily candlestick) may continue to move upward with the target of 1.3948 - the 50.0% retracement level (blue dotted line). After testing this line, it is possible that the movement will continue upward, with the target at 1.4014 - the 61.8% retracement level (blue dashed line).
Unlikely scenario: from the level of 1.3900 (closing of yesterday's daily candle), the price may start moving down with the target at 1.3824 - the support line (red bold line). After this line is tested, it may start working upwards, with the target at 1.3883 - the 38.2% retracement level (blue dashed line).
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