FX.co ★ Indicator analysis: Daily review of GBP/USD on August 1, 2024

Trend Analysis (Fig. 1)

Today, GBP/USD may sustain the decline from 1.2852 (the close of yesterday's daily candle) with a target of 1.2778 – the 61.8% pullback level (red dashed line). Upon reaching this level, the price may start rising with a target of 1.2829 – the 50% pullback level (red dashed line).

Fig. 1 (daily chart)

Comprehensive Analysis:

• Indicator Analysis – Down
• Fibonacci Levels – Down
• Volumes – Down
• Candlestick Analysis – Down
• Trend Analysis – Down
• Weekly Chart – Down
• Bollinger Bands – Down

General Conclusion:

Today, GBP/USD may sustain the decline from 1.2852 (the close of yesterday's daily candle) with a target of 1.2778 – the 61.8% pullback level (red dashed line). Upon reaching this level, the price may start rising with a target of 1.2829 – the 50% pullback level (red dashed line).

Alternative Scenario: The pair may sustain the decline from 1.2852 (the close of yesterday's daily candle) with a target of 1.2801 – the 76.4% pullback level (yellow dashed line). Upon reaching this level, the price may start rising with a target of 1.2829 – the 50% pullback level (red dashed line).