FX.co ★ Technical analysis of GBP/USD pair for the week of June 28-July 3, 2021

Trend analysis

This week, the price from the level of 1.3878 (closing of the last weekly candlestick) is expected to rise to the target of 1.4020 – the pullback level of 50.0% (yellow dotted line). After reaching it, the upward movement may resume to the target of 1.4074 – the pullback level of 61.8% (yellow dotted line). Once this level is reached, the price may further rise.

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - up
• Trend analysis - up
• Bollinger lines - down
• 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 1.3878 (closing of the last weekly candle) is expected to rise to the target of 1.4020 – the pullback level of 50.0% (yellow dotted line). After reaching this level, it may move higher to the target of 1.4074 – the pullback level of 61.8% (yellow dotted line). The continuation of growth is possible once this level is reached.

As an alternative, the price from the level of 1.3878 (closing of the last weekly candle) may rise to the target of 1.3967 – the pullback level of 38.2% (yellow dotted line) and then decline to the target of 1.3815 – the pullback level of 14.6% (red dotted line). After reaching this level, the upward movement may continue again.