Indicator analysis: GBP/USD daily review on July 26, 2023

Trend analysis (Fig. 1)

On Wednesday, following an upward movement from the level of 1.2898 (closing price of yesterday’s daily candle) to the 38.2% retracement level of 1.2929 (blue dashed line), GBP/USD will rise towards the historical resistance level of 1.3003 (light blue dashed line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis – uptrend

Fibonacci levels – uptrend

Volumes -uptrend

Candlestick analysis – uptrend

Trend analysis – downtrend

Bollinger bands – uptrend

Weekly chart – uptrend

Conclusion: GBP/USD will see growth from the level of 1.2898 (closing price of yesterday’s daily candle) to the 38.2% retracement level of 1.2929 (blue dashed line), followed by a further rise towards the historical resistance level of 1.3003 (light blue dashed line).

Alternatively, the pair, moving upward from the level of 1.2898 (closing price of yesterday’s daily candle), will test the 38.2% retracement level of 1.2929 (blue dashed line), and then resume a decline towards the 50.0% retracement level of 1.2864 (blue dashed line).

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