FX.co ★ GBP/USD: Indicator analysis on July 10, 2023

Trend analysis (Fig. 1)

On Monday, the pair is likely to go down from 1.2834 (the close price of the daily candlestick on Friday) to the target at the 76.4% retracement level of 1.2786 (the red dotted line). In the case of a test of this mark, the price may continue rising to the upper Bolonger band at 1.2937 (the black dotted line) and then pull back.

Fig. 1 (daily chart)

Complex analysis:

- indicator analysis - up

- Fibonacci levels - up

- volumes - up

- candlestick analysis - up

- trend analysis - up

- Bollinger bands - up

- weekly chart - up

Conclusion:

Today, the pair is likely to go down from 1.2834 (the close price of the daily candlestick on Friday) to the target at the 76.4% retracement level of 1.2786 (the red dotted line). In the case of a test of this mark, the price may continue rising to the upper Bolonger band at 1.2937 (the black dotted line) and then pull back.

Alternative scenario: the pair may go down from 1.2834 (the close price of the daily candlestick on Friday) to the target at the 76.4% retracement level of 1.2786 (the red dotted line). The upward movement to the 161.8% retracement level of 1.3005 (the red dotted line) may extend after a test of this level. A pullback may follow afterward.