FX.co ★ Indicator analysis. Daily review of the GBP/USD pair for July 7, 2021

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).