FX.co ★ Technical analysis for GBP/USD pair for the week of April 12-17, 2021

Trend analysis

This week, the price from the level of 1.3705 (closing of the last weekly candle) is expected to rise to the target of 1.3878 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, it may further rise to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. Once this line is tested, the upward movement may continue to the next target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.

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 1.3878 (yellow dotted line) – the pullback level of 38.2%. After reaching this level, the price may further rise to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. When this line is tested, the upward trend may resume to the next target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.

Alternatively, the price from the level of 1.3705 (closing of the last weekly candle) may rise to the target of 1.3860 (blue dotted line) – the resistance line. After testing this line, it may decline to the target 1.3669 (yellow dotted line) – the lower fractal.