On the weekly chart, the price moved up, almost reached the recession level of 23.6% (yellow dotted line). There is a strong down on the candlestick analysis (three consecutive white candles growing along the body). So there is a strong potential in the downward movement.
Trend analysis (Figure 1).
Volumes give the probability of top movement. This week, the price of technical analysis will possibly move up with the first top target of 1.3065 and a recoil rate of 23.6% (yellow dotted line). How much the probability of this scenario will be determined by a comprehensive analysis.
Fig. 2 (weekly chart).
Complex analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- volumes - upwards;
- candle analysis - down;
- trend analysis - up;
- Bollinger lines - up;
- monthly chart - down.
Conclusion on the complex analysis is an upward movement.
The total result of calculating the candle of the GBP / USD currency pair on a weekly chart shows the price for the week is likely to have an upward trend with the absence of the first lower shadow of a weekly white candle and the absence of a second upper shadow.
The first top target is 1.3065 with the recoil level of 23.6% (yellow dotted line).
The material has been provided by InstaForex Company - www.instaforex.com