FX.co ★ Technical analysis of GBP/USD for July 2022

Trend analysis

In July, GBP/USD will move from 1.2175 (the closing of the June monthly candle) up to 1.2269, which is the 14.6% retracement level (red dotted line). Upon reaching it, the pair will go to the 23.6% retracement level at 1.2477 (red dotted line), then rollback downwards.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

And throughout the month, the quote will climb from 1.2175 (the closing of the June monthly candle) to the 14.6% retracement level at 1.2269 (red dotted line), go further up to the 23.6% retracement level at 1.2477 (red dotted line), then rollback downwards.

Alternatively, the pair could decrease from 1.2175 (the closing of the June monthly candle) to the lower fractal at 1.1932 (red dotted line), then bounce up to the 14.6% retracement level at 1.2269 (red dotted line).