FX.co ★ Indicator analysis: Daily review of GBP/USD on July 18, 2024

Trend Analysis (Fig. 1)

Today, GBP/USD may start falling from the level of 1.3004 (yesterday's daily candle close) towards the target of 1.2980 – the retracement level of 14.6% (dashed red line). Upon reaching this level, the price may continue to rise towards the target of 1.3043 – the upper fractal (blue dashed line).

Fig. 1 (daily chart)

Comprehensive Analysis:

• Indicator Analysis – downwards;
• Fibonacci Levels – downwards;
• Volumes – downwards;
• Candlestick Analysis – downwards;
• Trend Analysis – upwards;
• Bollinger Bands – upwards;
• Weekly Chart – upwards.

General Conclusion:

Today, GBP/USD may start falling from the level of 1.3004 (yesterday's daily candle close) towards the target of 1.2980 – the retracement level of 14.6% (dashed red line). Upon reaching this level, the price may continue to rise towards the target of 1.3043 – the upper fractal (blue dashed line).

Alternative Scenario: GBP/USD may start falling from the level of 1.3004 (yesterday's daily candle close) towards the target of 1.2941 – the retracement level of 23.6% (dashed red line). Upon reaching this level, the price may continue to rise towards the target of 1.3043 – the upper fractal (blue dashed line).