FX.co ★ Technical analysis of GBP/USD for October 9-14

Trend analysis

GBP/USD may continue to move upwards from the level of 1.2200 (today's opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line). Upon reaching this price, the pair will rise further to the 38.2% retracement level of 1.2504 (red dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - downward

Monthly chart - upward

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

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

So during the week, pound will rise from 1.2200 (today's opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), and then go to the 38.2% retracement level of 1.2504 (red dashed line).

Alternatively, it could move upward from 1.2200 (today's opening of the weekly candle) to the 23.6% retracement level of 1.2353 (red dashed line), followed by a decline to the historical support level of 1.2312 (blue dashed line).