FX.co ★ Indicator analysis. Daily review of the GBP/USD pair for August 16, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3863 (closing of last Friday's daily candlestick) may start moving down with the target of 1.3801 - support line (red bold line). Once this line is tested, it is possible to move upward with the target of 1.3835 - the 23.6% retracement level (red dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - up;
• Bollinger lines - up;
• Weekly chart - down.

General conclusion:

Today, the price from the level of 1.3863 (closing of last Friday's daily candlestick) may start moving down with the target at 1.3801 - the support line (red bold line). Once this line is tested, it is possible to move upward with the target of 1.3835 - the 23.6% retracement level (red dotted line).

Alternative scenario: the price from the level of 1.3863 (closing of last Friday's daily candlestick) may start moving down with the target of 1.3832 - 21 simple average (black dashed line). Once this line is tested, it is possible to move upward with the target of 1.3885 - the 50.0% retracement level (red dotted line).