27.07.202009:51 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for the week of July 27 to July 31

Long-term review

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Trend analysis.

The price will move upward from the level of 1.2790 (closing of the last weekly candle) this week in order to reach the pullback level of 76.4% - 1.3016 (blue dotted line). If this line is reached, it is possible to work upwards with the target of 1.3109 - the resistance line (black bold line).

Fig. 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger lines - up;

- monthly chart - up.

The conclusion based on a comprehensive analysis is an upward movement.

The general result of calculating the candlestick of the GBP/USD currency pair according to the weekly chart: the price of the week will most likely have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the absence of the second upper shadow (Friday - up).

The first upper target is the 76.4% pullback level - 1.3016 (blue dotted line). If this line is reached, it is possible to work upwards with the target of 1.3109 - the resistance line (black bold line).

An alternative scenario: from the level of 1.2790 (closing of the last weekly candle), it will move upwards in order to reach the upper fractal - 1.2811 (red dashed line) and then it can likely work downwards with the target at 1.2716 - support line (red bold line).

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