06.01.202008:56 Forex Analysis & Reviews: Technical analysis for GBP/USD for the week from January 6 to 11

Trend analysis.

This week, the price will move down with the first target of 1.2925 - a pullback level of 38.2% (red dotted line). If reached, continue the downward movement with the target of 1.2741 - pullback level of 50.0% (red dotted line).

Fig. 1 (weekly chart).

Complex analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candle analysis - neutral;

- Trend analysis - down;

- Bollinger lines - down;

- Monthly chart - up.

The conclusion of the complex analysis - a downward movement.

The overall result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price for weeks is more likely to have a downward trend with the absence of the first upper shadow of the weekly black candlestick (Monday - down) and the absence of the second lower shadow (Friday - down).

Unlikely scenario - from the support line of 1.3029 (white fat line), work up to the target of 1.3255 - resistance line (black bold line).