Technical analysis of GBP/USD for July 24-29, 2023
July 24, 2023 8:25 am
Trend analysis
GBP/USD may continue moving up this week, starting from the level of 1.2850 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line). Upon reaching this price, the pair will go towards the historical resistance level of 1.3200 (blue dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger bands – upward
Monthly chart – upward
Conclusion: All indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday – upward) and no second upper shadow (Friday – upward).
So during the week, pound will rise from 1.2850 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line), and then move towards the historical resistance level of 1.3200 (blue dashed line).
Alternatively, the quote may climb up from 1.2850 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line), followed by a dip to the historical resistance level of 1.3035 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis
GBP/USD may continue moving up this week, starting from the level of 1.2850 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line). Upon reaching this price, the pair will go towards the historical resistance level of 1.3200 (blue dashed line).
Fig. 1 (weekly chart)
Comprehensive analysis:
Indicator analysis – upward
Fibonacci levels – upward
Volumes – upward
Candlestick analysis – upward
Trend analysis – upward
Bollinger bands – upward
Monthly chart – upward
Conclusion: All indicators point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday – upward) and no second upper shadow (Friday – upward).
So during the week, pound will rise from 1.2850 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line), and then move towards the historical resistance level of 1.3200 (blue dashed line).
Alternatively, the quote may climb up from 1.2850 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line), followed by a dip to the historical resistance level of 1.3035 (blue dashed line).
The material has been provided by InstaForex Company – www.instaforex.com
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