FX.co ★ Technical analysis of GBP/USD for April 1-6, 2024

Trend analysis

GBP/USD may continue its upward movement this week, rising from the level of 1.2622 (closing price of the last weekly candle) toward the 23.6% retracement level of 1.2690 (blue dashed line). Following this, the pair will appraoach the 14.6% retracement level of 1.2766 (blue dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

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 a second upper shadow (Friday - downward).

So, during the week, pound will climb from 1.2622 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2690 (blue dashed line), and then move toward the 14.6% retracement level of 1.2766 (blue dashed line).

Alternatively, it could rise from 1.2622 (closing price of the last weekly candle) to the 61.8% retracement level of 1.2719 (red dashed line), followed by a decline to the 23.6% retracement level of 1.2690 (blue dashed line).