FX.co ★ Indicator analysis: Daily review of GBP/USD on August 3, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2706 (closing of yesterday's daily candle) with the target at 1.2670, the 85.4% pullback level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2786, the 76.4% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.2706 (closing of yesterday's daily candle) with the target at 1.2670, the 85.4% pullback level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2786, the 76.4% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2706 (closing of yesterday's daily candle) with the target at 1.2650, the 23.6% pullback level (red dotted line). When testing this level, an upward movement is possible with the target of 1.2800, the 61.8% pullback level (blue dotted line).