19.07.202112:31 Forex-elemzések és áttekintések: Technical analysis of GBP/USD pair from July 19-July 24, 2021

Trend analysis

This week, the price from the level of 1.3761 (closing of the last weekly candle) is expected to decline to the target of 1.3577 – the pullback level of 23.6% (red dotted line). After reaching this line, it is likely to rise to the target of 1.3674 – the pullback level of 14.6% (yellow dotted line). The upward movement may resume to the next target of 1.3735 – the pullback level of 23.6% (yellow dotted line) once the level is tested.

Figure 1 (weekly chart)

Comprehensive analysis:

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

The conclusion based on a comprehensive analysis is a downward movement.

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

The price from the level of 1.3761 (closing of the last weekly candle) is expected to fall to the target of 1.3577 – the pullback level of 23.6% (red dotted line). After this line is reached, it may rise to the target of 1.3674 – the pullback level of 14.6% (yellow dotted line). The upward movement can extend to the next target of 1.3735 – the pullback level of 23.6% (yellow dotted line) after testing this level.

As an alternative, the price from the level of 1.3761 (closing of the last weekly candle) may decline to the target of 1.3577 – the pullback level of 23.6% (red dotted line) and further fall to the target of 1.3511 – the historical support level (blue dotted line). After reaching this level, the upward movement will resume.