Indicator analysis. Daily review of the GBP/USD pair for July 12, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3895 (the closing of last Friday's daily candlestick) may roll back down to the 23.6% retracement level - 1.3849 (blue dotted line). Once this level is tested, it is possible to continue moving upward with the target at 1.3922 - the 38.2% retracement level (blue dashed line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - up;
  • Fibonacci levels - up;
  • Volumes - up;
  • Candlestick analysis - up;
  • Trend analysis - down;
  • Bollinger lines - up;
  • Weekly chart - up.

General conclusion:

Today, the price from the level of 1.3895 (the closing of last Friday's daily candlestick) may roll back down to the 23.6% retracement level - 1.3849 (blue dotted line). Once this level is tested, it is possible to continue moving upward with the target at 1.3922 - the 38.2% retracement level (blue dashed line).

Alternative scenario: from the level of 1.3895 (closing of last Friday's daily candlestick), it may retrace downward to the 23.6% retracement level - 1.3849 (blue dashed line). If this level is tested, the downward movement may continue with the target of 1.3804 - the 76.4% retracement level (red dashed line).

The material has been provided by InstaForex Company - www.instaforex.com

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