Trend analysis
GBP/USD may continue its downward movement this week, starting from the closing of last week's candle at 1.2392 to the 14.6% retracement level at 1.2135 (yellow dotted line). Upon testing this level, the pair may rise to the historical resistance level at 1.2499 (blue dotted line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
Volumes - downtrend
Candlestick analysis - downtrend
Trend analysis - uptrend
Bollinger bands - uptrend
Monthly chart - uptrend
All these point to a downward movement in GBP/USD.
Conclusion: The pair will have a bearish trend, with no first upper shadow on the weekly black candle (Monday - down) and a second lower shadow (Friday - up).
So during the week, pound will fall from 1.2392 (closing of last week's candle) to the 14.6% retracement level at 1.2135 (yellow dotted line) and then bounce back to the historical resistance level at 1.2499 (blue dotted line).
Alternatively, quotes could dip from 1.2392 (closing of last week's candle) to the support line at 1.2385 (white dotted line), then bounce up to the upper fractal at 1.2445 (yellow dotted line).