FX.co ★ Technical analysis for GBP/USD pair for the week of April 5-10, 2021

Trend analysis

This week, the price from the level of 1.3823 (closing of the last weekly candle) is expected to rise to the target of 1.3943 (yellow dotted line) – the pullback level of 50%. After reaching this level, it may further rise to the target of 1.4010 (yellow dotted line) – the pullback level of 61.8%. Once this level is tested, the upward movement may likely continue to the target of 1.4224 (red dotted line) – upper fractal.

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

An upward 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 an upward trend, without the first lower shadow (Monday - up) and with the second upper shadow (Friday - down) in the weekly white candlestick.

The first upward target is set at 1.3943 (yellow dotted line) – the pullback level of 50%. After reaching it, the price may further move upwards to the target of 1.4010 (yellow dotted line) – the pullback level of 61.8%. In case of testing this level, the upward movement may continue to the target of 1.4224 (red dotted line) – upper fractal.

Alternatively, the price from the level of 1.3823 (closing of the last weekly candle) may decline to the target of 1.3562 – a pullback level of 23.6% (red dotted line). After testing this level, it may further move down to the target of 1.3511 (blue dotted line) – the historical resistance level.