FX.co ★ Technical analysis of the GBP/USD pair for the week (August 10-15)

Trend analysis.

This week, the price from the level of 1.3047 (closing of the last weekly candle) will move downward in order to reach the pullback level of 14.6% - 1.2924 (red dotted line). If this line is reached, it is possible to continue working downward with the target of 1.2764 - a pullback level of 23.6% (red dotted line).

Fig. 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - down;

- monthly chart - down.

Conclusion on a comprehensive analysis - a downward movement.

The general result of calculating the candlestick of the GBP/USD currency pair according to the weekly chart: the price of the week is likely to have a downward trend with the absence of the first upper shadow of the weekly black candlestick (Monday - down) and the presence of the second lower shadow (Friday - up).

The first downside target is the pullback level of 14.6% - 1.2924 (red dotted line). If this line is reached, it is possible to continue working downward with the target of 1.2764 - a pullback level of 23.6% (red dotted line).

An unlikely scenario: from the level of 1.3047 (closing of the last weekly candle), it will move downward in order to reach the support line 1.2946 (black thick line). Upon reaching this line, we can further work upwards with the target of the upper fractal - 1.3184 (red dotted line.