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21.07.202111:15 Forex Analysis & Reviews: Indicator analysis. Daily review of the GBP/USD pair for July 21, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3623 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the lower fractal, which is the level of 1.3571 (blue dotted line). From this level, it is possible to start moving upwards with the target of 1.3667 - the 14.6% retracement level (blue dashed line).

Exchange Rates 21.07.2021 analysis

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3623 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the lower fractal, which is the level of 1.3571 (blue dotted line). From this level, it is possible to start moving upwards with the target of 1.3667 - the 14.6% retracement level (blue dashed line).

Alternative scenario: the price from the level of 1.3623 (closing of yesterday's daily candlestick) will try to continue moving downwards in order to reach the lower fractal - 1.3571 (blue dashed line). Once this level is tested, the downward movement may continue with the target of 1.3481 - the historical support level (blue dotted line). And from this level, it is possible to work upward.

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

Stefan Doll,
Analytical expert
InstaForex Group © 2007-2021
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