FX.co ★ GBP/USD currency pair technical analysis for the week of October 12 to 17

For this week, the price will move up from the level of 1.3035 (closing of the last weekly candle) to the pullback level of 50.0% - 1.3077 (blue dotted line). If this level will be reached, the upward movement will continue with the goal of a rollback level of 61.8% - 1.3172 (blue dotted line). But if this line will be tested, the upward movement is possible with the goal of rolling back the level of 76.4% - 1.3290 (blue dotted line).

Figure 1 (weekly chart).

Comprehensive analysis:

- Indicator Analysis – Up;

- Fibonacci Levels – Up;

- Volumes – Up;

- Candle Analysis – Up;

- Trend Analysis – Up;

- Bollinger Bands – Up;

- Monthly Chart – Up.

The conclusion of the complex analysis is an upward movement.

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

The first upper target to the pullback level of 50.0% is 1.3077 (blue dotted line). If this level will be reached, the upward movement will continue with the goal of a rollback level of 61.8% - 1.3172 (blue dotted line).

Unlikely scenario: from the level of 1.3035 (closing of the last weekly candle), the price will go down to reach the pullback level of 23.6% - 1.2991 (red dotted line). If this line will be tested, the downward movement is possible in order to reach the support line - 1.2810 (white bold line).