Weekly review from 16 to 21 July 2018 on the GBP/USD pair

Trend analysis (Figure 1).

Next week, the price, according to technical analysis, will continue to move upward with the first top target of 1.3360 – a pullback level of 23.6% (yellow dotted line). A comprehensive analysis will show how likely this scenario is.


Fig. 2 (weekly chart).

Complex analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- volumes - upwards;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger bands - up;

- monthly chart - up.

The conclusion on the complex analysis is an upward movement.

The overall result of the calculation of the candle of the GBP/USD currency pair on a weekly chart: the price for the week is likely to have an upward trend with the absence of the first lower shadow of the weekly white candle and the absence of the second upper shadow.

The first upper target of 1.3360 is the retracement level of 23.6% (yellow dotted line).

The material has been provided by InstaForex Company - www.instaforex.com