FX.co ★ Indicator analysis: Daily review of GBP/USD on July 19, 2024

Trend Analysis (Fig. 1)

On Friday, GBP/USD may continue to fall from the level of 1.2940 (yesterday's daily candle close), as it aims for 1.2923 – the 8 EMA (thin blue line). Upon testing this line, the price may start rising with the target of 1.2980 – the 14.6% retracement level (red dashed line).

Fig. 1 (daily chart)

Comprehensive Analysis:

• Indicator Analysis – down;
• Fibonacci Levels – down;
• Volumes – down;
• Candlestick Analysis – down;
• Trend Analysis – up;
• Bollinger Bands – up;
• Weekly Chart – up.

General Conclusion:

Today, the price may continue to fall from the level of 1.2940 (yesterday's daily candle close), as it aims for 1.2923 – the 8 EMA (thin blue line). Upon testing this line, the price may start rising with the target of 1.2980 – the 14.6% retracement level (red dashed line).

Alternative Scenario: GBP/USD may continue to fall from the level of 1.2940 (yesterday's daily candle close), as it aims for 1.2885 – the 13 EMA (thin yellow line). Upon testing this line, the price may start rising with the target of 1.2980 – the 14.6% retracement level (red dashed line).