FX.co ★ Indicator analysis: Daily review of GBP/USD on August 31, 2023

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2717 (closing of yesterday's daily candle) to the target level at 1.2702, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.2717 (closing of yesterday's daily candle) to the target level at 1.2702, the 61.8% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).

Alternatively, the price may move downward from the level of 1.2717 (closing of yesterday's daily candle) to the target level at 1.2673, the 50.0% pullback level (red dotted line). In the case of testing this level, an upward movement is possible to 1.2762, the 85.4% pullback level (red dotted line).