FX.co ★ Technical analysis of GBP/USD for July 3-8, 2023

Trend analysis

GBP/USD may start moving down this week, starting from the level of 1.2693 (closing of the last weekly candle) to the support line located at 1.2587 (thick white line). Upon reaching this price, the pair will resume an upward movement towards the historical resistance level at 1.3035 (blue dotted line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: All indicators point to an upward movement in GBP/USD.

Overall conclusion: The pair will likely have a bullish trend, with a first lower shadow on the weekly white candle (Monday - downward) and a second upper shadow (Friday - downward).

So during the week, pound will fall from the level of 1.2693 (closing of the last weekly candle) to the support line at 1.2587 (thick white line), and then bounce up to the historical resistance level at 1.3035 (blue dotted line).

Alternatively, the quote may continue to slide down from 1.2693 (closing of last week's candle) to the historical support level at 1.2499 (blue dotted line), followed by a rise to the upper fractal at 1.2847 (red dotted line).