FX.co ★ Indicator analysis: Daily review of GBP/USD on August 8, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2780 (closing of yesterday's daily candle) to test 1.2741, the 23.6% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2818, the 38.2% pullback level (red 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 1.2780 (closing of yesterday's daily candle) to test 1.2741, the 23.6% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2818, the 38.2% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2780 (closing of yesterday's daily candle) to test 1.2719, the 76.4% pullback level (blue dotted line). In the case of testing this level, an upward movement is possible with the target of 1.2818, the 38.2% pullback level (red dotted line).