FX.co ★ Indicator analysis: Daily review of GBP/USD on July 20, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from 1.1991 (close of yesterday's daily candle) to 1.1977, the 23.6% retracement level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2112, the 61.8% retracement level (red dotted line). From this level, the price may move down.

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – up;
• Weekly chart – up;
• Bollinger bands – down.

General conclusion:

Today, the price may move downward from 1.1991 (close of yesterday's daily candle) to 1.1977, the 23.6% retracement level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2112, the 61.8% retracement level (red dotted line). From this level, the price may move down.

Alternative scenario: from the level of 1.1991 (close of yesterday's daily candle), the price may move downward to 1.1935, the 38.2% retracement level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2044, the 50.0% retracement level (red dotted line). From this level, the price may move up.