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Yesterday, the pound/dollar pair rose and tested the fractal 1.4223 (blue dashed line). Having completed the maximum of 1.4247, the price went down and tested the 13 EMA - 1.4138 (yellow thin line), closing the daily candlestick at 1.4144. Today, the price will try to continue moving down. And as per the economic calendar, important news is expected at 15.00 UTC (pound).
Trend analysis (Fig. 1).
Today, the market from the level of 1.4144 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 23.6% - 1.4109 (red dotted line). If this level is tested, it is possible to work upwards with the target of 1.4142 - the retracement level of 85.4% (blue dashed line). Upon reaching this line, it is possible to continue moving upward.
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.4144 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 23.6% - 1.4109 (red dotted line). If this level is tested, it is possible to work upwards with the target of 1.4142 - the retracement level of 85.4% (blue dashed line). Upon reaching this line, it is possible to continue moving upward.
Alternative scenario: the price from the level of 1.4144 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 23.6%, 1.4109 (red dotted line). In case of testing this level, it is possible to continue working downward with the target of 1.4025 - the retracement level of 38.2% (red dashed line).
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