Trend outlook
The pair is likely to continue its decline from the 1.3466 level, which marked the close of the last weekly candle. The next downside target is around 1.3270, an important historical support level. If the price tests this zone, a rebound upward is possible toward 1.3389, which matches the 23.6 percent Fibonacci retracement level.
Comprehensive analysis
- Indicator analysis points to a downward direction.
- Fibonacci levels confirm a bearish outlook.
- Volume flow shows selling pressure.
- Candlestick behaviour signals weakness.
- Trend analysis supports continued decline.
- Bollinger Bands lean lower.
- The monthly chart also indicates a bearish bias.
Weekly forecast
The GBP/USD weekly candle is expected to develop mostly in a downward trend. Movement is likely to start with bearish momentum on Monday and extend through the week. The candle is projected to form without an upper shadow but with a lower shadow, showing a possible rebound by Friday.
Alternative scenario
If the price first moves from 1.3466 toward 1.3389, a rebound could take shape. In this case, the pair may rise toward 1.3470, which coincides with the 13-period EMA.
