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26.07.202111:00 Forex Analysis & Reviews: Technical analysis of GBP/USD pair from July 26-July 31, 2021

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Trend analysis

This week, the price from the level of 1.3741 (closing of the last weekly candle) is expected to rise to the target of 1.3832 – the pullback level of 38.2% (yellow dotted line). Once this line is reached, it is possible to further increase to the target of 1.3911 – the pullback level of 50.0% (yellow dotted line).

Exchange Rates 26.07.2021 analysis

Figure 1 (weekly chart)

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up
  • Monthly chart - down

An upward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, without the first lower shadow (Monday - up) and with the second upper shadow (Friday - down in the weekly white candlestick.

The price from the level of 1.3741 (closing of the last weekly candle) will rise to the target of 1.3832 – the pullback level of 38.2% (yellow dotted line). After reaching this line, the upward movement will resume to the target of 1.3911 – the pullback level of 50.0% (yellow dotted line).

As an alternative, the price from the level of 1.3741 (closing of the last weekly candle) may decline to the target of 1.3577 – the lower fractal (yellow dotted line). After this level is tested, it may rise again to the target of 1.3674 – the pullback level of 14.6% (yellow dotted line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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