Indicator analysis: Daily review of GBP/USD on August 18, 2023

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:

• Indicator analysis – down;
• Fibonacci levels – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – up;
• Bollinger bands – down;
• Weekly chart – down.

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