FX.co ★ Indicator analysis: GBP/USD daily review on July 28, 2023

Trend analysis (Fig. 1)

Following a downward movement from the level of 1.2792 (closing price of yesterday's daily candle) to the 61.8% retracement level of 1.2748 (red dashed line), GBP/USD will rise on Friday, most likely towards the 50% retracement level of 1.2864 (blue dashed line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - downtrend

Fibonacci levels - downtrend

Volumes - downtrend

Candlestick analysis - downtrend

Trend analysis - downtrend

Bollinger bands - downtrend

Weekly chart - downtrend

Conclusion: GBP/USD will decline from the level of 1.2792 (closing price of yesterday's daily candle) to the 61.8% retracement level of 1.2748 (red dashed line), and then rise towards the 50% retracement level of 1.2864 (blue dashed line).

Alternatively, the pair may rise straight away from the level of 1.2792 (closing price of yesterday's daily candle) to the 50% retracement level of 1.2864 (blue dashed line).