FX.co ★ Indicator analysis. Daily review on GBP / USD for July 23, 2020

Trend analysis (Fig. 1).

The market may roll back down from the level of 1.2997 (closing of yesterday's daily candle) with the target of 1.2903 - a 14.6% pullback level (red dotted line). In case of breaking through this level, the downward trend may continue with the next target of 1.2834 - a 23.6% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger lines - down;

- Weekly chart - up.

General conclusion:

Today the price may begin to move downward with the target of 1.2903 - a 14.6% pullback level (red dotted line). In case of breaking through this level, the downward trend may continue with the next target of 1.2834 - a 23.6% pullback level (red dotted line).

Another possible scenario is, after working down and reaching 1.2903 - a 14.6% pullback level (red dotted line) the price may begin to move up, with the target at the resistance line 1.2972 (black bold line).