FX.co ★ Indicator analysis: Daily review of GBP/USD on August 1, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2831 (closing of yesterday's daily candle) to test the support at 1.2809 (thick blue line). Upon testing this level, an upward movement is possible to 1.2864, the 50% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - down;
• Volumes - down;
• Candlestick analysis - up;
• Trend analysis - up;
• Bollinger bands - down;
• Weekly chart - up.

General conclusion:

Today, the price may move downward from the level of 1.2831 (closing of yesterday's daily candle) to test the support at 1.2809 (thick blue line). Upon testing this level, an upward movement is possible to 1.2864, the 50% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2831 (closing of yesterday's daily candle) to test 1.2762, the lower fractal (the daily candle from 07/28/2023). Upon testing this level, the price may move up.