FX.co ★ Technical analysis of GBP/USD for April 11 to April 16

Trend analysis.

The price may move downward from the level of 1.3031 (close of the last weekly candle) to the support level 1.2950 (thick white line). From this level, an upward pullback is possible to the historical resistance level 1.3035 (blue dotted line). In case of testing this level, the upward movement may continue with the target of 1.3180, the 14.6% retracement level (yellow dotted line).

Fig. 1 (weekly chart).

Comprehensive analysis:

• Indicator analysis - up;
• Fibonacci levels - up;
• Volumes - up;
• Candlestick analysis - up;
• Trend analysis - up;
• Bollinger bands - up;
• Monthly chart - up.

Conclusion on comprehensive analysis: upward movement.

The price during the week is likely to have an upward trend with the presence of the first lower shadow of the weekly white candle (Monday – down) and the presence of the second upper shadow (Friday – down).

The price may move downward from the level of 1.3031 (close of the last weekly candle) to the support level 1.2950 (thick white line). From this level, an upward pullback is possible to the historical resistance level 1.3035 (blue dotted line). In case of testing this level, the upward movement may continue with the target of 1.3180, the 14.6% retracement level (yellow dotted line).

Alternative scenario: from the level of 1.3031 (closing of the last weekly candle), the price may move downward to 1.2829, the lower limit of the Bollinger Band indicator (black dotted line). In case of testing this level, the price may start moving upward to the resistance level 1.3050 (thick red line).