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02.07.202117:44 Forex Analysis & Reviews: GBP/USD Technical Analysis for July 2021

Trend analysis.

In July, the price will move upward from the level of 1.3829 (closing of the June monthly candlestick) with the target at the resistance level at 1.3917 (red bold line). In case of testing this level, the upward movement will continue with the next target at the historical resistance level at 1.4227 (blue dotted line).

Exchange Rates 02.07.2021 analysis

Fig. 1 (monthly chart).

Indicator analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

The complex analysis concludes that an upward trend is possible.

The overall result of calculating the candlestick of the GBP/USD currency pair according to the monthly chart suggests that the price will most likely have an upward trend with the absence of the first lower shadow (the first week of the month is white) in the monthly white candlestick and the presence of the second upper shadow (the last week is black).

The most likely scenario: from the level of 1.3829 (closing of the June monthly candle), it will move upwards with the target at the resistance level at 1.3917 (red bold line). In case of testing this level, the upward movement will continue with the next target at the historical resistance level at 1.4227 (blue dotted line).

Alternative scenario: downward movement is possible from the level of 1.3829 (closing of the June monthly candlestick) with the first target at the 23.6% retracement level at 1.3561 (blue dashed line). From here, an upward movement is possible with the target at the 85.4% retracement level at 1.3940 (red dotted line). Further upward movement is possible upon testing this level.

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

Stefan Doll,
Analytical expert of InstaForex
© 2007-2021
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