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22.07.202410:10 Forex Analyse & Reviews: Indicator analysis: Daily review of GBP/USD on July 22, 2024

Trend Analysis (Fig. 1)

Today, GBP/USD may start moving upward from the 1.2908 level (the close of Friday's daily candle) with a target of 1.2941 – the 23.6% retracement level (red dotted line). The price will likely rise from this level with a target of 1.2980 – the 14.6% retracement level (red dotted line).

Exchange Rates 22.07.2024 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, GBP/USD may start moving upward from the 1.2908 level (the close of Friday's daily candle) with a target of 1.2941 – the 23.6% retracement level (red dotted line). The price will likely rise from this level with a target of 1.2980 – the 14.6% retracement level (red dotted line).

Alternative Scenario: The pair may attempt to continue the downward movement from the level of 1.2908 (the close of Friday's daily candle) with a target of 1.2820 – the 8 EMA (blue thin line). The price will likely rise from this line with a target of 1.2980 – the 14.6% retracement level (blue dotted line).

*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 InstaSpot
© 2007-2024
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