FX.co ★ Indicator analysis. Daily review of the GBP/USD pair for July 6, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3840 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.3922 - the 38.2% retracement level (blue dotted line). Once this level is tested, it is possible to continue moving upwards with the target of 1.3982 - the 50.0% retracement level (blue dashed line). And when this level is reached, a rollback downward is possible.

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3840 (closing of yesterday's daily candlestick) will try to continue moving upwards with the target of 1.3922 - the 38.2% retracement level (blue dotted line). Once this level is tested, it is possible to continue moving upwards with the target of 1.3982 - the 50.0% retracement level (blue dashed line). And when this level is reached, a rollback downward is possible.

Alternative scenario: from the level of 1.3840 (closing of yesterday's daily candlestick), it will try to continue moving upwards with the target of 1.3922 - the 38.2% retracement level (blue dotted line). Once this level is tested, it is possible to work downward with the target at 1.3890 - the 61.8% retracement level (red dashed line).