logo

FX.co ★ Technical analysis of GBP/USD pair from July 26-July 31, 2021

Technical analysis of GBP/USD pair from July 26-July 31, 2021

Trend analysis

This week, the price from the level of 1.3741 (closing of the last weekly candle) is expected to rise to the target of 1.3832 – the pullback level of 38.2% (yellow dotted line). Once this line is reached, it is possible to further increase to the target of 1.3911 – the pullback level of 50.0% (yellow dotted line).

See also: Start Forex trading with a European level broker!
Technical analysis of GBP/USD pair from July 26-July 31, 2021

Figure 1 (weekly chart)

Comprehensive analysis:

  • Indicator analysis - up
  • Fibonacci levels - up
  • Volumes - up
  • Candlestick analysis - up
  • Trend analysis - up
  • Bollinger lines - up
  • Monthly chart - down

An upward movement can be concluded based on a comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in an upward trend, without the first lower shadow (Monday - up) and with the second upper shadow (Friday - down in the weekly white candlestick.

The price from the level of 1.3741 (closing of the last weekly candle) will rise to the target of 1.3832 – the pullback level of 38.2% (yellow dotted line). After reaching this line, the upward movement will resume to the target of 1.3911 – the pullback level of 50.0% (yellow dotted line).

As an alternative, the price from the level of 1.3741 (closing of the last weekly candle) may decline to the target of 1.3577 – the lower fractal (yellow dotted line). After this level is tested, it may rise again to the target of 1.3674 – the pullback level of 14.6% (yellow dotted line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account