FX.co ★ Technical analysis of GBP/USD currency pair for the week of February 17-22

Last week, the pair, having broken through the resistance line 1.2871 (white bold line), made an upward movement and then broke through the pullback level 23.6% - 1.3029 (red dashed line). Thus, the upward movement will most likely continue this week.

Trend analysis:

This week, the price is likely to continue to move upward, with the goal of reaching the resistance line - 1. 3170 (black bold line), and if this line is reached - pullback work down with the target 1.3003 - 13 average EMA (yellow thin line).

Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - neutral;

- trend analysis - up;

- Bollinger Lines - down;

- monthly chart - down.

The conclusion of a comprehensive analysis is an upward movement.

The overall result of calculating the candle of the GBP / USD currency pair according to the weekly chart: the price of the week is likely to have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the presence of the second upper shadow (Friday - down).

The first upper target of 1. 3170 is the resistance line (black bold line).

An unlikely lower scenario: work down with the first target 1.2904 - support line (white bold line) from a pullback level of 23.6% - 1.3029 (red dashed line).