FX.co ★ Indicator analysis. Daily review on GBP / USD for July 7, 2020

Trend analysis (Fig. 1).

Today, an upward trend is possible from the level of 1.2483 (closing of yesterday's candle) with the target at 1.2598 - a 61.8% retracement level (blue dashed line). If this level is reached, the upward trend may continue with the target at the resistance level 1.2640 (red bold line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - down;

- Weekly schedule - up.

General conclusion:

Today, the price may attempt to move upward with the target at 1.2598 - a 61.8% retracement level (blue dashed line). If this level is reached, the upward trend may continue with the next target at the resistance level of 1.2640 (red bold line).

Another possible scenario is a downward trend from 1.2532 - a 50% pullback level (blue dashed line) with the target at the support line 1.2316 (red bold line).