FX.co ★ GBP/USD. Technical analysis for the week of September 8–13

Trend analysis.

This week, from the level of 1.3506 (close of the last weekly candle), the price may continue downward toward 1.3389 – the 23.6% retracement level (red dotted line). Upon testing this level, the price may extend its downward move toward 1.3270 – the historical support level (blue dotted line).

Fig. 1 (weekly chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – down;
• Bollinger Bands – down;
• Monthly chart – down.

Conclusion from comprehensive analysis: Downward movement.

Overall summary of the GBP/USD weekly candle calculation: The price will most likely have a downward tendency during the week, with no upper shadow on the weekly black candle (Monday – down) and no lower shadow (Friday – down).

Alternative scenario: From the level of 1.3506 (close of the last weekly candle), the price may start moving downward with a target of 1.3389 – the 23.6% retracement level (red dotted line). Upon reaching this level, the price may move upward toward 1.3458 – the 13-day EMA (yellow thin line).