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).






Stefan Doll,
Analytical expert of InstaForex
© 2007-2024





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