Indicator analysis: Daily review of GBP/USD on August 31, 2023
August 31, 2023 9:27 am
Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2717 (closing of yesterday’s daily candle) to the target level at 1.2702, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – down;
Fibonacci levels – down;
Volumes – down;
Candlestick analysis – down;
Trend analysis – down;
Bollinger bands – up;
Weekly chart – up.
General conclusion:
Today, the price may move downward from the level of 1.2717 (closing of yesterday’s daily candle) to the target level at 1.2702, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2717 (closing of yesterday’s daily candle) to the target level at 1.2673, the 50.0% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The GBP/USD currency pair may move downward from the level of 1.2717 (closing of yesterday’s daily candle) to the target level at 1.2702, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move downward from the level of 1.2717 (closing of yesterday’s daily candle) to the target level at 1.2702, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).
Alternatively, the price may move downward from the level of 1.2717 (closing of yesterday’s daily candle) to the target level at 1.2673, the 50.0% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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