FX.co ★ Indicator analysis. Daily review of the GBP/USD pair for August 26, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3760 (closing of yesterday's daily candlestick) will move down to the target of 1.3728 - the 61.8% retracement level (red dotted line). When this level is tested, the downward movement is likely to continue with the target at 1.3701 - the support line (red bold line). From this level, upward movement is possible with the target of 1.3746 - the retracement level of 38.2% (blue dotted line).

Figure 1 (Daily Chart).

Comprehensive analysis:

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

General conclusion:

Today, the price from the level of 1.3760 (closing of yesterday's daily candlestick) will move down to the target of 1.3728 - the 61.8% retracement level (red dotted line). When this level is tested, the downward movement is likely to continue with the target at 1.3701 - the support line (red bold line). From this level, upward movement is possible with the target of 1.3746 - the retracement level of 38.2% (blue dotted line).

Alternative scenario: from the level of 1.3760 (closing of yesterday's daily candlestick), it may start moving down with the target at 1.3728 - the 61.8% retracement level (red dotted line). And from this level, upward movement is possible with the target of 1.3790 - the 50.0% retracement level (blue dashed line).