FX.co ★ Technical analysis for GBP/USD pair for the week of April 19-24, 2021

Trend analysis

This week, the price from the level of 1.3834 (closing of the last weekly candlestick) 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 increase to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. If this line is tested, the upward movement may continue to the target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.

Fig. 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, both without the first lower shadow (Monday - up) and the second upper shadow (Friday - up) 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 move up to the target of 1.3945 (yellow dotted line) – the pullback level of 50%. When this line is tested, the upward trend may extend to the next target of 1.4010 (yellow dotted line) – the pullback level of 61.8%.

As an alternative, the price from the level of 1.3884 (closing of the last weekly candlestick) will decline to the target of 1.3665 (yellow dashed line) – a lower fractal. After testing this line, the price may rise again to the target 1.3822 (blue bold line) – the resistance line of the descending channel.