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The pair trade in a side channel on Thursday. The price initially traded downward and tested 1.2697 - a 14.6% pullback level (red dashed line). However, the bearish scenario ended and the price started to trade upward and closed near the opening of the day. Today, the price will most likely continue to move down. Economic calendar news for the pound is expected at 08:30 UTC, and for the dollar at 14:00 UTC.
Trend analysis (Fig. 1).
The market may continue to move downward from the level of 1.2741 (closing of yesterday's daily candle) with the target of 1.2697 - a 14.6% pullback level (red dotted line). From this level, the price will continue to move downward with the target of 1.2650 - a 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - neutral;
- Trend analysis - down;
- Bollinger lines - down;
- Weekly chart - down.
General conclusion:
Today the price may continue to move downward from the level of 1.2741 (closing of yesterday's daily candle) with the target of 1.2697 - a 14.6% pullback level (red dotted line). From this level, the price will continue to move downward with the target of 1.2650 - a 23.6% pullback level (red dotted line).
Another possible scenario is an upward trend upon reaching 1.2697 - a 14.6% pullback level (red dotted line) with the target at the upper fractal 1.2773 (red dotted line).
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