FX.co ★ Technical analysis of the GBP/USD pair for the week of July 13-18

Trend analysis.

This week, the price from the level of 1.2619 (closing of the last weekly candle) will move up with the goal of reaching the resistance line - 1.2758 (red bold line). If this line is reached, it is possible to work down with the target at 1.2566, the pullback level is 38.2% (blue dashed line).

Fig. 1 (weekly schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger Lines - top;

- monthly chart - up.

The conclusion of a comprehensive analysis is an upward movement.

The overall result of calculating the candle of the GBP/USD currency pair according to the weekly chart: the price of the week is likely to 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 to reach the resistance line - 1.2758 (red bold line). If this line is reached, it is possible to work down with the target at 1.2566, the pullback level is 38.2% (blue dashed line).

An unlikely but possible scenario: when moving up and reaching the resistance line - 1.2758 (red bold line), the price can continue to move upwards in order to reach the upper border of the Bollinger line indicator - 1.2972 (black dashed line).