FX.co ★ Indicator analysis. GBP/USD daily overview on July 29, 2022

Trend analysis (Fig. 1).

On Friday, the pair will try to rise from the mark of 1.2173 (closing of yesterday's daily candlestick) to the 85.4% retracement level of 1.2247 (red dotted line). The price may test the target level and go up to the upper fractal at 1.2331 (red dotted line). Should it reach the target, a pullback will occur.

Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - down;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger bands - up;

- weekly chart up.

Final thoughts:

Today, the pair will try to rise from the mark of 1.2173 (closing of yesterday's daily candlestick) to the 85.4% retracement level of 1.2247 (red dotted line). The price may test the target level and go up to the upper fractal at 1.2331 (red dotted line). Should it reach the target, a pullback will occur.

Alternatively, the pair will try to rise from the mark of 1.2173 (closing of yesterday's daily candlestick) to the 85.4% retracement level of 1.2247 (red dotted line), test it, and go down to 1.2089 support (red bold line).