FX.co ★ Indicator analysis: Daily review of GBP/USD on August 4, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2704 (closing of yesterday's daily candle) with the target of 1.2809, the 85.4% pullback level (red dotted line). Upon reaching this level, a continued upward movement is possible with the target of 1.2846, the 100% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.2704 (closing of yesterday's daily candle) with the target of 1.2809, the 85.4% pullback level (red dotted line). Upon reaching this level, a continued upward movement is possible with the target of 1.2846, the 100% pullback level (red dotted line).

Alternatively, the price may move upward from the level of 1.2704 (closing of yesterday's daily candle) with the target of 1.2809, the 85.4% pullback level (red dotted line). Upon reaching this level, a downward movement is possible with the target of 1.2772, the 8-day EMA (blue thin line).