Technical Analysis - Forex: GBP To USD - 25/07-30/07

Investors' Concerns About The Coming Recession In The UK, Will GBP/USD Pair Reach Its Lowest Level In History?

Relevance up to 09:00 2022-07-30 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

GBP/USD will continue rising this week, starting from 1.2003 (the closing of the last weekly candle) to the resistance line at 1.2105 (white thick line). After that it will move to the 23.6% retracement level at 1.2226 (red dotted line), then go to the 38.2% retracement level at 1.2517 (red dotted line). Price is likely to decrease after these movements.

 

Exchange Rates 25.07.2022 analysis

 

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

During the week, pound will increase from 1.2003 (the closing of the last weekly candle) to the resistance line at 1.2105 (white thick line), move to the 23.6% retracement level at 1.2226 (red dotted line), then go to the 38.2% retracement level at 1.2517 (red dotted line). Price is likely to decrease after these movements.

Alternatively, the quote could climb from 1.1863 (closing of the last weekly candle) to the resistance line at 1.2105 (white thick line), then move down to the 161.8% retracement level at 1.1837 (dashed blue line). Upon reaching it, pound will go up to the 14.6% retracement level at 1.2049 (red dotted line).

 

Read more: https://www.instaforex.eu/forex_analysis/317042

Investors' Concerns About The Coming Recession In The UK, Will GBP/USD Pair Reach Its Lowest Level In History?

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