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Indicator analysis: Daily review of GBP/USD on August 18, 2023
August 18, 2023 9:24 amVideo
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Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2742 (closing of yesterday’s daily candle) with the target of 1.2692, the 14.6% pullback level (red dotted line). Upon reaching this level, an upward movement is possible to 1.2739, the 23.6% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.2742 (closing of yesterday’s daily candle) with the target of 1.2692, the 14.6% pullback level (red dotted line). Upon reaching this level, an upward movement is possible to 1.2739, the 23.6% pullback level (red dotted line).
Alternatively, the price may move downward from level 1. 1.2742 (closing of yesterday’s daily candle) with the target of 1.2670, the 85.4% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2739, the 23.6% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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