Stay 
Trading Conditions
Products
Tools
Trend analysis
GBP/USD may start moving down this week, starting from the closing of last week's candle at 1.2228 to the support line at 1.2046 (thick blue line). Then, upon testing this level, the pair may rise to the historical resistance level at 1.2650 (blue dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - uptrend
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 white candle (Monday - down) and no second upper shadow (Friday - up).
So during the week, pound will fall from 1.2228 (closing of last week's candle) to the support line at 1.2046 (thick blue line), then bounce up to the historical resistance level at 1.2650 (blue dotted line).
Alternatively, quotes could go up from 1.2228 (closing of last week's candle) to the upper fractal at 1.2442 (yellow dotted line), then bounce down to the 14.6% retracement level at 1.2135 (yellow dotted line).
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of Instant Trading EU Ltd including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.
We are sorry for any inconvenience caused by this message.
