FX.co ★ Indicator analysis: Daily review of GBP/USD on August 21, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from 1.2730 (closing of Friday's daily candle) to the target level of 1.2665, the 38.2% pullback level (red dotted line). Upon reaching this level, a continued downward movement is possible.

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 downward from 1.2730 (closing of Friday's daily candle) to the target level of 1.2665, the 38.2% pullback level (red dotted line). Upon reaching this level, a continued downward movement is possible.

Alternatively, the price may move downward from 1.2730 (closing of Friday's daily candle) to the 1.2701 support level (thick blue line). Upon reaching this level, an upward movement is possible to the target level of 1.2740, the 23.6% pullback level (red dotted line).