FX.co ★ Technical analysis of GBP/USD for November 13-18

Trend analysis

This week, GBP/USD may start moving upward from the level of 1.2222 (closing price of the last weekly candle) to the historical resistance level of 1.2312 (blue dashed line). Upon testing this price, it will move towards the 23.6% retracement level of 1.2353 (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 1.2222 (closing price of the last weekly candle) to the historical resistance level of 1.2312 (blue dashed line), and then move towards the 23.6% retracement level of 1.2353 (red dashed line).

Alternatively, it could move upward from 1.2222 (closing price of the last weekly candle) to the historical resistance level of 1.2312 (blue dashed line), followed by a downward movement to the 14.6% retracement level of 1.2259 (red dashed line).