Technical analysis of GBP/USD pair for this week

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Technical analysis of GBP/USD pair for this week

Technical analysis of GBP/USD pair for this week

Trend analysis.

This week, the price from the level of 1.2912 (closing of the last weekly candle) will decline in order to reach the historical support level 1.2781 (yellow dashed line), and if this line is broken, we can continue further below with the target of the 38.2% – a pullback level of 1.2690 (red dotted line).

Technical analysis of GBP/USD pair for this week

Figure: 1 (weekly chart).

Comprehensive analysis:

– indicator analysis – down;

– Fibonacci levels – down;

– volumes – down;

– candlestick analysis – down;

– trend analysis – down;

– Bollinger lines – down;

– monthly chart – down.

A downward movement can be concluded based on a comprehensive analysis.

The general result of calculating the candlestick of the GBP/USD pair according to the weekly chart: this week’s price will most likely have a downward trend without the first upper shadow of the weekly black candlestick (Monday – down) and without the second lower shadow (Friday – down).

The first downside target is to reach the historical support level 1.2781 (yellow dashed line), and if this line is broken, we can continue further below with the target of the 38.2% – a pullback level of 1.2690 (red dotted line).

An unlikely scenario: from the level of 1.2912 (closing of the last weekly candle), the price is unlikely to rise, with the target of the 61.8% – a pullback level of 1.3059 (blue dotted line).

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/259799/