FX.co ★ Technical analysis of GBP/USD for August 2023

Trend analysis:

Further growth may be seen in GBP/USD in August, starting from the closing of the July monthly candle at 1.2831 to the 76.4% retracement level at 1.3245 (red dotted line). A pullback may follow upon testing the level.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - downtrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in GBP/USD.

Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

Therefore, for this month, pound will rise from 1.2831 (closing of the July monthly candle) to the 76.4% retracement level at 1.3245 (red dotted line). A pullback may follow upon testing the level

Alternatively, quotes could fall from 1.2831 (closing of the July monthly candle) to the 23.6% retracement level at 1.2478 (yellow dotted line), and then rise to the upper fractal located at 1.3141 (yellow dotted line).