FX.co ★ Technical analysis of the GBP/USD pair for this week (Nov 9-13, 20)

Trend analysis

The price from the level of 1.3151 (closing of the last weekly candle) is expected to rise this week to the goal of 1.3289 - pullback level of 76.4% (blue dotted line). If this line is reached, the pair is likely to further grow towards the next goal of 1.3363 - the pullback level of 85.4% (blue dashed line). After reaching this level, a downward movement can be considered.

Figure 1 (weekly chart)

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - up;

- monthly chart - up.

A rise can be concluded based on comprehensive analysis.

The total result of calculating the candlestick of the GBP/USD pair on the weekly chart: the price is likely to have an upward trend this week with no first lower shadow of the weekly white candlestick (Monday - up) and no second upper shadow (Friday - up).

The first upside goal is 1.3289 - a pullback level of 76.4% (blue dotted line). If this line is reached, the pair is likely to further grow towards the next goal of 1.3363 - the pullback level of 85.4% (blue dashed line). After reaching this level, a downward movement can be considered.

An alternative scenario: the price from the level of 1.3151 (the close of the last weekly candle) will decline to be able to reach the pullback level of 23.6% - 1.2991 (red dashed line). If this line is reached, we can move further below in order to test the support line - 1.2888 (white thick line).