The pair continued to move down on Monday, and retested the support line 1.1447 (black bold line) and after that, the price went up. Today, the upward pullback may continue. Strong calendar news for the pound is expected at 09:30 UTC and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
Today, from the level of 1.1642 (closing of yesterday's candle), an upward pullback is possible with testing of the retracement level of 23.6% - 1.1834 (red dotted line). Upon reaching this line, the continuation of the upward movement is possible with the target of 1.2096, a retracement level of 38.2% (red dashed line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger Lines - up;
- Weekly schedule - up.
General conclusion:
Today an upward pullback is possible.
Unlikely scenario: from 1.1673, a retracement level of 14.6% (red dashed line), work down with the target at the historical support level of 1.1294 (blue dashed line).
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