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The pair traded upwards on Friday and tested 1.2360 - a 50.0% pullback level (presented in a blue dashed line). Today, the price may continue to move up. Economic calendar news for the pound is expected at 08:30 UTC, and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
Today, the upward trend may continue from the level of 1.2345 (closing of the Friday afternoon candle) with the target of 1.2427 - a 61.8% retracement level (presented in a blue dashed line). If this level is reached, a downward pullback is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today, the price may move upwards with the target of 1.2427 - a 61.8% retracement level (presented in a blue dashed line). Upon reaching this level, the upward movement may continue with the target of 1.2510 (presented in a blue dashed line).
Another possible scenario is a downward trend from 1.2427 - a 61.6% rollback level (presented in a blue dotted line) with the target at the support line 1.2253 (presented in a red bold line).
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