FX.co ★ Technical analysis of GBP/USD pair for the week of June 14-June 19, 2021

Trend analysis

This week, the price from the level of 1.4103 (closing of the last weekly candlestick) is expected to decline to the target of 1.4025 – the pullback level of 38.2% (yellow dotted line). After reaching this level, it may further decline to the next target of 1.3978 – the support line (white thick line) of the upward trend. Once it is reached, upward movement is possible.

Figure 1 (weekly chart)

Comprehensive analysis:

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

A downward movement can be concluded based on a 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 without the second lower shadow (Friday - down) in the weekly black candlestick.

The price from the level of 1.4103 (closing of the last weekly candlestick) will decline to the target of 1.4025 – the pullback level of 38.2% (yellow dotted line). After reaching it, the downward movement will extend to the target of 1.3978 – the support line (white thick line) of the upward trend. A possible growth may follow after reaching this line.

As an alternative, the price from the level of 1.4103 (closing of the last weekly candlestick) may rise to the target of 1.4247 – the upper fractal (yellow dotted line) and then further increase to the target of 1.4303 – the upper border of the Bollinger line indicator (black dotted line).