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FX.co ★ Indicator analysis: Daily review of GBP/USD on July 4, 2022

Indicator analysis: Daily review of GBP/USD on July 4, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2093 (close of Friday's daily candle) to the target of 1.2152, the 50.0% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2195, the 61.8% retracement level (red dotted line). From this level, a downward pullback is possible.

Indicator analysis: Daily review of GBP/USD on July 4, 2022

Fig. 1 (daily chart).

Comprehensive analysis:

  • Indicator analysis – up;
  • Fibonacci levels – up;
  • Volumes – up;
  • Candlestick analysis – up;
  • Trend analysis – up;
  • Bollinger bands – up;
  • Weekly chart – up.

General conclusion:

Today the price may move upward from the level of 1.2093 (close of Friday's daily candle) to the target of 1.2152, the 50.0% retracement level (red dotted line). Upon reaching this level, the price may continue to move upward with the target of 1.2195, the 61.8% retracement level (red dotted line). From this level, a downward pullback is possible.

Alternative scenario: from the level of 1.2093 (close of Friday's daily candle), the price may move downward with the target of 1.2043, the 76.4 retracement level (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2152, the 50.0% retracement level (red dotted line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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