FX.co ★ Technical analysis of GBP/USD for July 31 to August 5

Trend analysis

GBP/USD may continue moving up this week, starting from the level of 1.2845 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line). Upon reaching this price, the pair will go towards the historical resistance level of 1.3200 (blue dashed 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 have a bullish trend, with no first lower shadow on the weekly white candle (Monday - upward) and no second upper shadow (Friday - upward).

So during the week, pound will rise from 1.2845 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line), and then move towards the historical resistance level of 1.3200 (blue dashed line).

Alternatively, the quote may climb from 1.2845 (closing of the last weekly candle) to the upper fractal located at 1.3141 (red dashed line), followed by a dip to the historical resistance level of 1.3035 (blue dashed line).