Trend Analysis

This week, the price from the level of 1.3278 (closing of the last weekly candle) may begin an upward movement toward the target of 1.3389 – the 23.6% retracement level (red dashed line). Upon testing this level, the price may continue moving upward toward the target of 1.3540 – the 14.6% retracement level (red dashed line).

Fig. 1 (Weekly Chart)

Comprehensive Analysis:

• Indicator analysis – upward;
• Fibonacci levels – upward;
• Volume – upward;
• Candlestick analysis – upward;
• Trend analysis – upward;
• Bollinger Bands – upward;
• Monthly chart – upward.

Conclusion of the comprehensive analysis: upward trend.

Overall forecast for the GBP/USD weekly candle: The price will most likely show an upward trend throughout the week, with the weekly white candle having a lower shadow (Monday – downward movement) and an upper shadow (Friday – downward movement).

Alternative Scenario: From the 1.3278 level (closing of the last weekly candle), the price may start an upward movement toward the target of 1.3389 – the 23.6% retracement level (red dashed line). Upon reaching this level, a downward movement toward 1.3377 – the 13-period EMA (yellow dashed line) is possible.