Technical analysis of GBP/USD for August 1-6, 2022

Trend analysis GBP/USD will continue rising this week, starting from the closing of the last weekly candle at 1.2173 to the 38.2% retracement level at 1.2516 (red dotted line). After that it will move to the 50.0% retracement level at 1.2408 (dashed blue line), then go further up. 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 1.2173 (the closing of the last weekly candle) to 1.2516, which is the 38.2% retracement level (red dotted line). Then, it will go to the 50.0% retracement level at 1.2408 (dashed blue line) and to higher price levels. Alternatively, the quote could climb from 1.2173 (closing of the last weekly candle) to the 23.6% retracement level at 1.2227 (red dotted line), go down to the support level at 1.2025 (blue thick line), then bounce up again.The material has been provided by InstaForex Company - www.instaforex.com
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