The pound/dollar pair went down last Friday and tested the lower fractal - 1.4086 (daily candlestick from 06/03/2021). And then, the price went up, but failed to reach the upper fractal 1.4201 - the daily candlestick from 06/03/2020. The market closed the daily candlestick at 1.4154. Today, the price may continue to move down. There is no important news expected today.
Trend analysis (Fig. 1).
Today, the market from the level of 1.4154 (closing of last Friday's daily candlestick) may start moving down with the target of 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue moving down with the target of 1.4025 - the 38.2% retracement level (red dashed line). From this level, upward movement is possible.
Figure 1 (Daily chart).
Comprehensive analysis:
Indicator analysis - down;Fibonacci levels - down;Volumes - down;Candlestick analysis - down;Trend analysis - up;Bollinger lines - down;Weekly chart - down.General conclusion:
Today, the price from the level of 1.4154 (closing of last Friday's daily candlestick) may start moving down with the target of 1.4109 - the 23.6% retracement level (red dotted line). After testing this level, it is possible to continue moving down with the target of 1.4025 - the 38.2% retracement level (red dashed line).
Alternative scenario: from the level of 1.4154 (closing of last Friday's daily candle), it may continue to move down with the target at 1.4109 - the 23.6% retracement level (red dotted line). And from this level, it is likely to move upward with the target at 1.4201 - an upper fractal (daily candlestick from 06/03/2021).