Relevance up to 08:00 2022-06-07 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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Trend analysis (Fig. 1).
The pound-dollar pair may move up from 1.2485 (close of Friday's daily candle) to the historical resistance level 1.2582 (blue dotted line). Upon reaching this level, the price may continue to move upward to the upper fractal 1.2665 (yellow dotted line). When testing this level, downward movement is possible.
Fig. 1 (daily chart).
Comprehensive analysis:
- Indicator analysis – up;
- Fibonacci levels – up;
- Volumes – up;
- Candlestick analysis – up;
- Trend analysis – up;
- Bollinger bands – up;
- Weekly chart – up.
General conclusion:
Today, the price may move upward from 1.2485 (close of Friday's daily candle) to the historical resistance level 1.2582 (blue dotted line). Upon reaching this level, the price may continue to move upward to the upper fractal 1.2665 (yellow dotted line). When testing this level, downward movement is possible.
Alternative scenario: from the level of 1.2485 (close of Friday's daily candle), the price may move upward with the target of 1.2533, the 38.2% retracement level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2469, the 38.2% retracement level (yellow dotted line). From this level, the price may move up.
