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13.07.202008:58 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for the week of July 13-18

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Trend analysis.

This week, the price from the level of 1.2619 (closing of the last weekly candle) will move up with the goal of reaching the resistance line - 1.2758 (red bold line). If this line is reached, it is possible to work down with the target at 1.2566, the pullback level is 38.2% (blue dashed line).

Exchange Rates 13.07.2020 analysis

Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger Lines - top;

- monthly chart - up.

The conclusion of a comprehensive analysis is an upward movement.

The overall result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price of the week is likely to 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 to reach the resistance line - 1.2758 (red bold line). If this line is reached, it is possible to work down with the target at 1.2566, the pullback level is 38.2% (blue dashed line).

An unlikely but possible scenario: when moving up and reaching the resistance line - 1.2758 (red bold line), the price can continue to move upwards in order to reach the upper border of the Bollinger line indicator - 1.2972 (black dashed line).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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