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The pound/dollar pair moved in a side channel yesterday. At the beginning, it rose and tested the 8 EMA - 1.3928 (blue thin line). After that, the price went down, testing the 85.4% retracement level, which is 1.3752 (red dashed line). The market closed the daily candlestick at 1.3797. Today, the price is likely to continue moving down. And as per the economic calendar, news is expected at 12.30 and 15.00 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.3797 (closing of yesterday's daily candlestick) will move down to the target of 1.3752 - the 85.4% retracement level (red dotted line). Once this level is tested, the downward movement may continue with the target at 1.3731 - the lower fractal (blue dashed line). And from this level, it is possible to move upwards with the target of 1.3803 - the 14.6% retracement level (blue dashed line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.3797 (closing of yesterday's daily candlestick) will move down to the target of 1.3752 - the 85.4% retracement level (red dotted line). Once this level is tested, the downward movement may continue with the target at 1.3731 - the lower fractal (blue dashed line). And from this level, it is possible to move upwards with the target of 1.3803 - the 14.6% retracement level (blue dashed line).
Alternative scenario: from the level of 1.3797 (closing of yesterday's daily candlestick), it may continue to move downward with the target of 1.3752 - the 85.4% retracement level (red dotted line). Upon reaching this level, it is likely to start moving upwards with the target of 1.3803 - the 14.6% retracement level (blue dotted line).
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