Indicator analysis: GBP/USD daily review on July 25, 2023

Trend analysis (Fig. 1)

On Tuesday, following a downward movement from the level of 1.2821 (closing price of yesterday's daily candle) to the support line of 1.2766 (bold blue line), GBP/USD will rise towards the 100% retracement level of 1.2847 (red dashed line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - downtrend

Volumes - downtrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - downtrend

Weekly chart - uptrend

Conclusion: GBP/USD will decline from the level of 1.2821 (closing price of yesterday's daily candle) to the support line of 1.2766 (bold blue line), and then bounce up towards the 100% retracement level of 1.2847 (red dashed line).

Alternatively, the pair, moving upward from the level of 1.2821 (closing price of yesterday's daily candle), will test the 38.2% retracement level of 1.2929 (blue dashed line), and then resume a price retracement downwards.