Technical Analysis for the Week of July 14–19: GBP/USD Currency Pair

Technical Analysis for the Week of July 14–19: GBP/USD Currency Pair

Trend Analysis

This week, from the level of 1.3487 (the close of the last weekly candle), the price may continue to decline toward the target of 1.3374 — the 23.6% retracement level (red dashed line). Upon testing this level, the price may start moving upward toward the target of 1.3420 — the 13-period EMA (thin yellow line).

Fig. 1 (weekly chart)

Comprehensive Analysis:

• Indicator analysis – downward
• Fibonacci levels – downward
• Volume – downward
• Candlestick analysis – downward
• Trend analysis – downward
• Bollinger Bands – downward
• Monthly chart – downward

Conclusion based on comprehensive analysis: downward movement

General forecast for the GBP/USD weekly candle:The price is likely to trend downward during the week, with no upper shadow on the weekly black candle (Monday – down) and the presence of a lower shadow (Friday – up).

Alternative scenario:From the 1.3487 level (the close of the last weekly candle), the price may continue to move down toward the target of 1.3374 — the 23.6% retracement level (red dashed line). If this level is reached, the downward movement may extend further toward 1.3294 — the 21-period EMA (thin black line).

Stefan Doll,
Analytical expert of InstaForex
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