FX.co ★ Technical analysis for GBP/USD pair for the week of February 8-13, 2021

Trend analysis

This week, the price from the level of 1.3733 (closing of the last weekly candle) is expected to decline to the target of 1.3511 (blue dotted line) – the historical support level. After testing this level, the downward movement can resume to the target of 1.3413 (red dotted line) – the pullback level of 14.6%.

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - down
• Fibonacci levels - down
• Volumes - down
• Candlestick analysis - down
• Trend analysis - down
• Bollinger lines - down
• Monthly chart - down

A downward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in a downward trend, both without the first upper shadow (Monday - down) and the second lower shadow (Friday - down) in the weekly black candlestick.

The first downward target is 1.3511 (blue dotted line) – historical support level. Once this level is tested, the price may further decline to the target of 1.3413 (red dotted line) – a pullback level of 14.6%.

Alternatively, the price from the level of 1.3733 (closing of the last weekly candle) may rise to the target of 1.394 (blue dotted line) – a pullback level of 85.4%.