Trend analysis (Fig. 1).
The pound-dollar pair may move downward from the level of 1.1506 (close of Friday's daily candle) to the target at 1.1442, the support line of the descending channel (thick red line). After testing this level, an upward movement is possible with the target of 1.1565, the 13.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today the price may move downward from the level of 1.1506 (close of Friday's daily candle) to the target at 1.1442, the support line of the descending channel (thick red line). After testing this level, an upward movement is possible with the target of 1.1565, the 13.6% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up.
Alternative scenario: from the level of 1.1506 (close of Friday's daily candle), the price may move downward with the target of 1.1421, the historical support level (blue dotted line). After testing this level, an upward movement is possible with the target of 1.1565, the 14.6% retracement level (blue dotted line).
Relevance up to 08:00 2022-09-06 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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