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The pair traded upward on Wednesday and broke through the support level 1.2949 (red bold line). Today, the price may roll back down. Based on the economic calendar, pound news is expected at 11:00 UTC, and dollar news at 12:30 UTC.
Trend analysis (Fig. 1).
The market may move downward from the level of 1.2968 (closing of yesterday's daily candlestick) with the target of 1.2866 - a 50% pullback level (red dotted line). In case of testing this level, the downward trend may continue with the next target at the historical support level 1.2769 (white dashed line).
Figure: 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - up.
General conclusion:
Today, the price may move down with the target of 1.2866 - a 50% pullback level (red dotted line). In case of testing this line, the downward trend may continue with the next target at the historical support level 1.2769 (white dashed line).
Another possible scenario is from the level of 1.2968 (closing of yesterday's daily candlestick), the price may begin to move upwards with the target of 1.3019 - a 76.4% pullback level (blue dotted line). After reaching this level, the upward trend may continue.
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