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Yesterday, the pound/dollar pair moved down and tested the historical support level - 1.3800 (blue dotted line). After that, the price went up and tested the 21 EMA - 1.3883 (black thin line). The market closed the daily candlestick at 1.3856. The price may continue to move up today, but only in the afternoon. And based on the economic calendar, news is expected at 12.30 and 13.30 UTC (dollar).
Trend analysis (Fig. 1).
Today, the market from the level of 1.3856 (closing of yesterday's daily candlestick) will move down to the target of 1.3800 - the historical support level (blue dotted line). When this level is tested, it is possible to start moving upwards with the target of 1.3849 - the 23.6% retracement level (blue dashed line). From this level, it is possible to work upwards with the target of 1.3922 - the 38.2% retracement level (blue dotted line).
Figure 1 (Daily Chart).
Comprehensive analysis:
General conclusion:
Today, the price from the level of 1.3856 (closing of yesterday's daily candlestick) will move down to the target of 1.3800 - the historical support level (blue dotted line). When this level is tested, it is possible to start moving upwards with the target of 1.3849 - the 23.6% retracement level (blue dashed line). From this level, it is possible to work upwards with the target of 1.3922 - the 38.2% retracement level (blue dotted line).
Alternative scenario: from the level of 1.3797 (closing of yesterday's daily candlestick), it may continue to move down with the target at 1.3800 - the lower fractal (blue dotted line). Once this level is reached, the downward movement may carry on with the target of 1.3752 - the retracement level of 85.4% (red dotted line).
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