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05.07.202210:55 Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on July 5, 2022

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2098 (close of yesterday's daily candle) to the upper fractal at 1.2164 (daily candle from 07/04/2022). When testing this level, the price may continue to move upward to 1.2195, the 61.8% retracement level (red dotted line). From this level, continued upward movement is possible.

Exchange Rates 05.07.2022 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today the price may move upward from the level of 1.2098 (close of yesterday's daily candle) to the upper fractal at 1.2164 (daily candle from 07/04/2022). When testing this level, the price may continue to move upward to 1.2195, the 61.8% retracement level (red dotted line). From this level, continued upward movement is possible.

Alternative scenario: from the level of 1.2098 (close of yesterday's daily candle), the price may move upward to 1.2152, the 50.0% retracement level (red dotted line). When testing this level, further downward movement is possible to 1.2043, the 76.4% retracement level (yellow dotted line). From this level, the price may continue to move up.

*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
© 2007-2022
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