On the daily timeframe, GBPUSD: D1 went up from the triangle. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if GBPUSD: D1 rises above its latest up fractal: 1.206. This level can be used as an entry point. Initial risk cap possible below Parabolic signal, low since March 2020 and latest down fractal: 1.176. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (1.176) without activating the order (1.206), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Britain is to release important inflation data for June. Will the GBPUSD quotes continue to rise?
On July 20, the United Kingdom Consumer Price Index, Producer Price Index (PPI) Input and PPI Output, as well as other indicators of consumer and industrial inflation for June will be published. Preliminary forecasts are negative for the British pound. Accordingly, a further increase in the GBPUSD may occur if the real statistics again turn out to be better than expected. Prior to this, the figures had already exceeded forecasts twice. In particular, on July 19, data on the British labor market also for June were released, which turned out to be better than forecasts. This caused the strengthening of the British pound. It can be recalled that last week in Britain came the GDP and industrial production for May. They were also better than expected. On Friday, July 22, significant data on retail sales will be published.