FX.co ★ Indicator analysis. Daily review of the GBP/USD pair for August 18, 2021

Trend analysis (Fig. 1).

Today, the market will try to continue moving downward from the level of 1.3738 (closing of yesterday's daily candlestick) in order to reach the 76.4% retracement level - 1.3668 (red dotted line). If this level is tested, it is possible that it will start working upwards with the target of 1.3725 - the lower fractal (daily candlestick from 08/17/2021).

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price will try to continue moving downward from the level of 1.3738 (closing of yesterday's daily candlestick) in order to reach the 76.4% retracement level - 1.3668 (red dotted line). If this level is tested, it is possible that it will start working upwards with the target of 1.3725 - the lower fractal (daily candlestick from 08/17/2021).

Alternative scenario: the price from the level of 1.3738 (closing of yesterday's daily candlestick) will try to start moving upwards in order to reach the historical resistance level - 1.3800 (blue dotted line). Once this level is tested, the upward movement may continue with the target of 1.3824 - the 38.2% retracement level (blue dashed line).