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29.07.202105:55 Forex Analysis & Reviews: Forecast for GBP/USD on July 29, 2021

GBP/USD

The pound has performed well in the last three days of growth and this morning it reached its first target of 1.3925 - the MACD line on the daily chart. The growth of the Marlin oscillator has slowed down and it shows the first intention to turn down. Obviously, if the level 1.3925 is overcome, the growth will continue, and the target will be the 1.4069 level - the peak on February 26, 2018. If there is a local reversal from the reached level, then we can expect a correction to the entire growth from July 20th.

Exchange Rates 29.07.2021 analysis

On the four-hour scale, there are no obvious signs of a reversal, a decrease in the signal line of the oscillator here represents a discharge, a release of tension before a possible further rise. Corrective decline without breaking the general rising trend is permissible up to the level of 1.3802 - up to the MACD line. Consolidation below it will return the pound to the downward trend with the target at 1.3546/70.

Exchange Rates 29.07.2021 analysis

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

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2021
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