FX.co ★ Indicator analysis: Daily review of GBP/USD on August 16, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2701 (closing of yesterday's daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible to 1.2800, the 61.8% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move upward from the level of 1.2701 (closing of yesterday's daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a continued upward movement is possible to 1.2800, the 61.8% pullback level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2701 (closing of yesterday's daily candle) to 1.2742, the 23.6% pullback level (red dotted line). In the case of testing this level, a downward movement is possible to 1.2719, the 76.4% pullback level (blue dotted line).