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Last week, the pound/dollar pair rose, tested the resistance line of 1.3938 (white bold line), and then went down, almost testing the 34th average EMA – 1.3725 (crimson thin line). The price closed the weekly black candlestick at 1.3829. This week, the price may start rising.
Trend analysis
This week, the price from the level of 1.3829 (close of the last weekly candle) is expected to rise to the target of 1.3926 – the pullback level of 38.2% (yellow dotted line). After reaching it, the upward movement may resume to the target of 1.3964 – the resistance line (white thick line). Once this level is reached, the price may further rise.
Figure 1 (weekly chart)
Comprehensive analysis:
An upward movement can be concluded based on a comprehensive analysis.
The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend without the first lower shadow (Monday - up) and with the second upper shadow (Friday - down) in the weekly white candlestick.
The price from the level of 1.3829 (closing of the last weekly candle) is expected to rise to the target of 1.3926 – the pullback level of 38.2% (yellow dotted line). After reaching this level, it may further rise to the target of 1.3964 – the resistance line (white thick line). The growth may continue after testing this line.
As an alternative, the price from the level of 1.3829 (closing of the last weekly candle) may decline to the target of 1.3731 – the lower fractal (yellow dotted line) and then move up to the target of 1.3806 – the pullback level of 14.6% (yellow dotted line). After reaching this level, the price may continue rising.
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