Weekly review from May 14 to 19, 2018 on the GBP/USD pair

Trend analysis (Figure 1).

Last week, the price moved in the side channel. A strong candlestick figure of the reversal was formed (paired with a pullback level of 38.2% - this is a very strong "fence"), and the price (I think) will roll back up. How much the probability of this scenario is likely will be shown by a comprehensive analysis.

gbpusd-w1-instaforex-group.png

Fig. 2 (weekly chart).

Complex analysis:

- indicator analysis - down;

- Fibonacci levels - up;

- volumes - upwards;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - down;

- monthly chart - down.

Conclusion on the complex analysis is an upward movement.

The total result of the GBP/USD currency pair candlestick estimate according to the weekly chart: the price for the week is likely to have an upward trend with the absence of the first lower shadow of the weekly white candle and the presence of the second upper shadow.

The first top target is 1.3675 - the rolling level is 23.6% (yellow dotted line).

The material has been provided by InstaForex Company - www.instaforex.com