Further growth may be seen in GBP/USD on July, starting from the closing of the June monthly candle at 1.2693 to the upper limit of the Bollinger Bands at 1.3207 (black dashed line). A pullback may follow, leading to a downward correction.
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis – uptrend
Fibonacci levels – uptrend
Volumes – downtrend
Candlestick analysis – downtrend
Trend analysis – uptrend
Bollinger bands – uptrend
Conclusion: All signals point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).
Throughout the month, pound will rise from 1.2693 (closing of the June monthly candle) to the upper limit of the Bollinger Bands at 1.3207 (black dashed line), followed by a pullback, which may lead to a downward correction.
Alternatively, quotes could climb from 1.2693 (closing of the June monthly candle) to the 76.4% retracement level (red dashed line) at 1.3245, and then fall down to the upper fractal at 1.2847 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis:
Further growth may be seen in GBP/USD on July, starting from the closing of the June monthly candle at 1.2693 to the upper limit of the Bollinger Bands at 1.3207 (black dashed line). A pullback may follow, leading to a downward correction.
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis – uptrend
Fibonacci levels – uptrend
Volumes – downtrend
Candlestick analysis – downtrend
Trend analysis – uptrend
Bollinger bands – uptrend
Conclusion: All signals point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).
Throughout the month, pound will rise from 1.2693 (closing of the June monthly candle) to the upper limit of the Bollinger Bands at 1.3207 (black dashed line), followed by a pullback, which may lead to a downward correction.
Alternatively, quotes could climb from 1.2693 (closing of the June monthly candle) to the 76.4% retracement level (red dashed line) at 1.3245, and then fall down to the upper fractal at 1.2847 (yellow dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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