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Trend analysis
GBP/USD will continue moving up this week, most likely from the closing of the last weekly candle at 1.2260 to the historical resistance level at 1.2499 (blue dotted line). Upon reaching this, the pair will rise further to another historical resistance level, which is 1.2781 (blue dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - uptrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All this points to an upward movement in GBP/USD.
Conclusion: The pair will have a bullish trend, with a first lower shadow on the weekly black candle (Monday - down) and a second upper shadow (Friday - down).
So during the week, pound will rise from 1.2260 (the closing of the last weekly candle) to the historical resistance level at 1.2499 (blue dotted line), followed by another upward move to the next historical resistance level at 1.2781 (blue dotted line).
Alternatively, quotes could go up from 1.2288 (the closing of the last weekly candle) to the historical resistance level at 1.2499 (blue dotted line). The upward movement may continue after testing this level.
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