FX.co ★ Indicator analysis. Daily review on GBP / USD for August 17, 2020

Trend analysis (Fig. 1).

The market may continue to trade upward from the level of 1.3089 (closing of Friday's daily candle) with the target at the upper fractal 1.3186 (red dotted line). If this level is reached, the upward movement may continue with the next target at the historical resistance level of 1.3350 (blue dashed line).

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today the price may continue to move upwards with the target at the upper fractal 1.3186 (red dotted line). If this level is reached, the upward movement may continue with the next target at the historical resistance level of 1.3350 (blue dashed line).

Another possible scenario is from the level of 1.3089 (closing of Friday's daily candle), the price may move upwards with the target at 1.3160 - a 161.8% price level (blue dashed line). In case of reaching this level, the downward trend may continue with the next target of 1.3049 - a 14.6% pullback level (red dotted line).