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

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).

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).