Indicator analysis: Daily review of GBP/USD on July 24, 2023
July 24, 2023 9:22 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2850 (closing of Friday’s daily candle) with the target at 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target at 1.3003, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – down;
Bollinger bands – up;
Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.2850 (closing of Friday’s daily candle) with the target at 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target at 1.3003, the historical resistance level (blue dotted line).
Alternatively, the price may move upward from the level of 1.2850 (closing of Friday’s daily candle) with the target at 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may move downward with the target of 1.2900, the 8-day EMA (yellow thin line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2850 (closing of Friday’s daily candle) with the target at 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target at 1.3003, the historical resistance level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.2850 (closing of Friday’s daily candle) with the target at 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may continue to move upwards with the target at 1.3003, the historical resistance level (blue dotted line).
Alternatively, the price may move upward from the level of 1.2850 (closing of Friday’s daily candle) with the target at 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may move downward with the target of 1.2900, the 8-day EMA (yellow thin line).
The material has been provided by InstaForex Company – www.instaforex.com
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