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Trend analysis
This week, GBP/USD will rise from 1.2093 (closing of the last weekly candle) to the 14.6% retracement level at 1.2197 (red dotted line), then move to the 23.6% retracement level at 1.2360 (red dotted line). Price is likely to increase further after these movements.
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).
During the week, the quote will increase from 1.2093 (closing of the last weekly candle) to the 14.6% retracement level at 1.2197 (red dotted line), then move to the 23.6% retracement level at 1.2360 (red dotted line). Price is likely to increase further after these movements.
Alternatively, the pair could climb from 1.2093 (closing of the last weekly candle) to the 14.6% retracement level at 1.2197 (red dotted line), move further to the 23.6 retracement level at 1.2360 (red dotted line), then bounce down to the support level at 1.2021 (blue thick line). The quote will return to the 14.6% retracement level at 1.2197 (red dotted line) after all of these movements.
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