FX.co ★ Technical analysis on GBP/USD for the week of January 13 to 18

Last week, the GBP / USD pair moved up to 1.3166 (blue dotted line) and tested the pullback level of 50.0%. Afterwards, the price went down, almost returning to the opening point of the weekly candle. Most likely, the price this week will once again try to move up in order to break through the resistance line of 1.3236.

Trend analysis.

This week, the price, having strayed from the support line 1.3027 (white fat line), will move up to the resistance line of 1.3236 (black fat line). In the case of a break through, the upper fractal is the continuation of the work upwards, in the goal of 1.3283.

Fig. 1 (weekly chart).

Indicator analysis:

- Indicator analysis: down;

- Fibonacci levels: down;

- Volumes: down;

- Candle analysis: neutral;

- Trend analysis: neutral;

- Bollinger lines: up;

- Monthly schedule: up.

In conclusion, the complex analysis suggests an upward movement.

Calculating the total candles of GBP / USD in the weekly chart: The price of the week is likely to have an upward trend, with the absence of the first lower shadow at the weekly white candle (Monday - up), and a second upper shadow (Friday - down).

It is also unlikely, but a possible scenario, that from the support line 1.3083 (white bold line), there will be a work down in the lower fractal to the target area of 1.2904.