Relevance up to 09:00 2022-07-16 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Trend analysis (Fig. 1)
GBP/USD will continue moving down this Friday, from 1.1819 (closing of yesterday's daily candle) to 1.1759, which is the lower fractal (red dotted line). Then, it will bounce to the 14.6% retracement level at 1.1842 (red dotted line) and go up.
Fig. 1 (daily chart)
comprehensive analysis:
Indicator analysis - downtrend
Fibonacci levels - downtrend
volumes - downtrend
Candlestick analysis - uptrend
Trend analysis - downtrend
Bollinger bands - downtrend
Weekly chart - downtrend
Conclusion: GBP/USD will decline from 1.1819 (closing of yesterday's daily candle ) to the lower fractal at 1.1759 (red dotted line), then bounce to the 14.6% retracement level at 1.1842 (red dotted line). Price will increase after that.
Alternatively, the quote may rise from 1.1819 (closing of yesterday's daily candle) to the 14.6% retracement level at 1.1842 (red dotted line), then go down to the lower fractal at 1.1759 (red dotted line). Following this will be a continued price increase.
Read more: https://www.instaforex.eu/forex_analysis/316260
