FX.co ★ Technical analysis of GBP/USD for September 2023

Trend analysis:

Further growth may be seen in GBP/USD in September, starting from the closing of the August monthly candle at 1.2669 to the upper fractal located at 1.3141 (yellow dashed line). A pullback may follow upon testing the level.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - downtrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in GBP/USD.

Overall conclusion: The pair will have a bullish trend, with no lower shadow on the monthly white candle (the first week of the month is white) and no upper shadow (the last week is white).

Therefore, for this month, pound will rise from 1.2669 (closing of the August monthly candle) to the upper fractal located at 1.3141 (yellow dashed line). A pullback may follow upon testing the level.

Alternatively, the pair could fall from 1.2669 (closing of the August monthly candle) to the 23.6% retracement level at 1.2478 (yellow dashed line), and then rise to the 14.6% retracement level at 1.2752 (yellow dashed line).