FX.co ★ Technical analysis of GBP/USD for June 12-17, 2023

Trend analysis

GBP/USD may continue to move upwards this week, starting from the level of 1.2575 (closing of the last weekly candle) to the upper fractal at 1.2678 (red dotted line). Upon reaching this price, the pair will turn around and climb downwards to the 14.6% retracement level at 1.2550 (red dotted line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: All indicators point to an upward movement in GBP/USD.

Overall conclusion: Most likely, the pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and a second upper shadow (Friday - downward).

So during the week, pound will rise from 1.2575 (closing of the last weekly candle) to the upper fractal at 1.2678 (red dotted line), and then turn around and move downwards to the 14.6% retracement level at 1.2550 (red dotted line).

Alternatively, the quote could go upward from 1.2575 (closing of the last weekly candle) to the upper fractal at 1.2678 (red dotted line), and then continue to the historical resistance level at 1.2781 (blue dotted line).