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Forex Analysis & Reviews: 28.07.2022

Relevance up to 06:00 2022-07-29 UTC+00

Trend analysis (Fig. 1)

GBP/USD will continue increasing on Thursday, from 1.2152 (closing of yesterday’s daily candle) to 1.2213, which is the historical resistance level (blue dotted line). Then, it will decline to the 14.6% retracement level at 1.2122 (blue dotted line), before bouncing up.

Exchange Rates 28.07.2022 analysis

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis – downtrend

Fibonacci levels – downtrend

Volumes – downtrend

Candlestick analysis – uptrend

Trend analysis – uptrend

Bollinger bands – uptrend

Weekly chart – uptrend

Conclusion: GBP/USD will rise from 1.2152 (closing of yesterday’s daily candle) to the historical resistance level at 1.2213 (blue dotted line), then decrease to the 14.6% retracement level at 1.2122 (blue dotted line). The quote will rebound after that.

Alternatively, the pair could climb from 1.2152 (closing of yesterday’s daily candle) to the 76.4% retracement level at 1.2196 (red dotted line), then go to the 23.6% retracement level at 1.2084 (dashed blue line). Following this will be a continued price increase.

*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 InstaForex
© 2007-2022

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