Indicator analysis: Daily review of GBP/USD on August 16, 2023
August 16, 2023 8:25 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2701 (closing of yesterday’s daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible to 1.2800, the 61.8% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Weekly chart – up;
Bollinger Bands – up.
General conclusion:
Today, the price may move upward from the level of 1.2701 (closing of yesterday’s daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible to 1.2800, the 61.8% pullback level (blue dotted line).
Alternatively, the price may move upward from the level of 1.2701 (closing of yesterday’s daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a downward movement is possible to 1.2719, the 76.4% pullback level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The GBP/USD currency pair may move upward from the level of 1.2701 (closing of yesterday’s daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible to 1.2800, the 61.8% pullback level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.2701 (closing of yesterday’s daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible to 1.2800, the 61.8% pullback level (blue dotted line).
Alternatively, the price may move upward from the level of 1.2701 (closing of yesterday’s daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a downward movement is possible to 1.2719, the 76.4% pullback level (blue dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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