FX.co ★ Technical analysis of GBP/USD for July 18-23, 2022

trend analysis

GBP/USD will attempt to rise this week, starting from 1.1863 (closing of the last weekly candle) to the 14.6% retracement level at 1.2049 (red dotted line). After that it will move to the 23.6% retracement level at 1.2226 (red dotted line), then rollback down to the support level of 1.2023 (thick blue line). Price is likely to increase further after these movements.

Fig. 1 (weekly chart)

comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).

During the week, the quote will increase from 1.1863 (closing of the last weekly candle) to the 14.6% retracement level at 1.2049 (red dotted line), go to the 23.6% retracement level at 1.2226 (red dotted line), then move down to the support level of 1.2023 (thick blue line). The pair will continue the uptrend after these movements.

Alternatively, pound could climb from 1.1863 (closing of the last weekly candle) to the 14.6% retracement level at 1.2049 (red dotted line), then go down to the lower fractal at 1.1759 (red dotted line). Price is likely to increase after this movement.