FX.co ★ Indicator analysis: Daily review of GBP/USD on July 22, 2024

Trend Analysis (Fig. 1)

Today, GBP/USD may start moving upward from the 1.2908 level (the close of Friday's daily candle) with a target of 1.2941 – the 23.6% retracement level (red dotted line). The price will likely rise from this level with a target of 1.2980 – the 14.6% retracement level (red dotted line).

Fig. 1 (daily chart)

Comprehensive Analysis:

• Indicator Analysis – Up;
• Fibonacci Levels – Up;
• Volumes – Up;
• Candlestick Analysis – Down;
• Trend Analysis – Up;
• Bollinger Bands – Up;
• Weekly Chart – Up.

General Conclusion:

Today, GBP/USD may start moving upward from the 1.2908 level (the close of Friday's daily candle) with a target of 1.2941 – the 23.6% retracement level (red dotted line). The price will likely rise from this level with a target of 1.2980 – the 14.6% retracement level (red dotted line).

Alternative Scenario: The pair may attempt to continue the downward movement from the level of 1.2908 (the close of Friday's daily candle) with a target of 1.2820 – the 8 EMA (blue thin line). The price will likely rise from this line with a target of 1.2980 – the 14.6% retracement level (blue dotted line).