FX.co ★ Indicator analysis. Daily review on GBP / USD for August 7, 2020

Trend analysis (Fig. 1).

The market may begin to move downward from the level of 1.3149 (closing of yesterday's daily candle) with the target of 1.3050 - a 14.6% pullback level (red dotted line). Upon reaching this level, the price may continue to move downward with the next target of 1.2967 - a 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 - down;

- Bollinger lines - down;

- Weekly chart - down.

General conclusion:

Today the price may begin to move downward from the level of 1.3149 (closing of yesterday's daily candle) with the target of 1.3050 - a 14.6% pullback level (red dotted line). Upon reaching this level, the price may continue to move downward with the target of 1.2967 - a 23.6% pullback level (red dotted line).

Another possible scenario is upon reaching 1.3050 - a 14.6% pullback level (red dotted line), the price may move upward with the target of 1.3186 at the upper fractal (red dotted line).