FX.co ★ Indicator analysis: Daily review of GBP/USD on July 31, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2845 (closing of Friday's daily candle) with the target of 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may continue to move up with the target of 1.3003, the historical resistance level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.2845 (closing of Friday's daily candle) with the target of 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may continue to move up with the target of 1.3003, the historical resistance level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2845 (closing of Friday's daily candle) with the target of 1.2929, the 38.2% pullback level (blue dotted line). Upon reaching this level, the price may move down with the target of 1.2879, the 13-day EMA (thin yellow line).