07.07.202110:48 Forex Analysis & Reviews: Indicator analysis. Daily review of the GBP/USD pair for July 7, 2021

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Today, the market from the level of 1.3794 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 85.4%, which is 1.3752 (red dotted line). Upon testing this level, it is possible to continue working downwards with the target of 1.3731 - the lower fractal (blue dashed line). And when this line is reached, it is possible to roll back up.

Figure 1 (Daily Chart).

Comprehensive analysis:

Indicator analysis - down;
Fibonacci levels - down;
Volumes - down;
Candlestick analysis - down;
Trend analysis - down;
Weekly chart - down;
Bollinger lines - down.

General conclusion:

Today, the price from the level of 1.3794 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the retracement level of 85.4%, which is 1.3752 (red dotted line). Upon testing this level, it is possible to continue working downwards with the target of 1.3731 - the lower fractal (blue dashed line). And when this line is reached, it is possible to roll back up.

Alternative scenario: the price from the level of 1.3794 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the retracement level of 23.6%, which is 1.3849 (blue dashed line). Once this level is reached, the upward movement may continue with the target of 1.3922 - the 38.2% retracement level (blue dashed line).

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