FX.co ★ Indicator analysis: Daily review of GBP/USD on July 24, 2024

Trend Analysis (Fig. 1)

Today, GBP/USD may continue the downward movement from the level of 1.2903 (the close of yesterday's daily candle) with a target at the 38.2% retracement level, 1.2879 (red dotted line). Upon testing this level, the price may start rising with a target at 1.2934 – the 23.6% retracement level (red dotted line).

Fig. 1 (daily chart)

Comprehensive Analysis:

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

General Conclusion:

Today, GBP/USD may continue the downward movement from the level of 1.2903 (the close of yesterday's daily candle) with a target at the 38.2% retracement level, 1.2879 (red dotted line). Upon testing this level, the price may start rising with a target at 1.2934 – the 23.6% retracement level (red dotted line).

Alternative Scenario: The pair may continue to fall from the level of 1.2903 (the close of yesterday's daily candle) to the 23.6% retracement level at 1.2869 (blue dotted line). Upon testing this level, the price may start moving upwards with a target at 1.2934 – the 23.6% retracement level (red dotted line).