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20.07.202110:18 Forex Analysis & Reviews: Indicator analysis. Daily review of the GBP/USD pair for July 20, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3671 (closing of yesterday's daily candlestick) will try to continue moving down with the target at 1.3592 - the lower border of the Bollinger line indicator (black dotted line). When this line is tested, it is possible to start working upwards with the target of 1.3686 - the 14.6% retracement level (blue dashed line). From this level, it is possible to continue the upward movement.

Exchange Rates 20.07.2021 analysis

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3671 (closing of yesterday's daily candlestick) will try to continue moving down with the target at 1.3592 - the lower border of the Bollinger line indicator (black dotted line). When this line is tested, it is possible to start working upwards with the target of 1.3686 - the 14.6% retracement level (blue dashed line). From this level, it is possible to continue the upward movement.

Alternative scenario: from the level of 1.3671 (closing of yesterday's daily candlestick), it will try to continue moving down with the target of 1.3592 - the lower border of the Bollinger line indicator (black dotted line). Once this line is tested, it is possible to continue working down.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2021
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