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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
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.

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).

Exchange Rates 27.07.2020 analysis

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).

Stefan Doll
Analytical expert of InstaForex
© 2007-2024

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