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Trend analysis (Fig. 1).
The pound-dollar pair may move upward from 1.1651 (close of yesterday's daily candle) to 1.1718, the 14.6% retracement level (blue dotted line). When testing this level, continued upward movement is possible to the resistance level 1.1759 (thick white line). Upon reaching this level, the price may rise to 1.1778, the 23.6% retracement level (blue dotted line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Weekly chart – up;
Bollinger Bands – up.
General conclusion:
Today the price may move upward from 1.1651 (close of yesterday's daily candle) to 1.1718, the 14.6% retracement level (blue dotted line). When testing this level, continued upward movement is possible to the resistance level 1.1759 (thick white line). Upon reaching this level, the price may rise to 1.1778, the 23.6% retracement level (blue dotted line).
Alternative scenario: from the level of 1.1651 (close of yesterday's daily candle), the price may move upward to 1.1718, the 14.6% retracement level (blue dotted line). In the case of testing this level, a downward movement is possible with the target of 1.1620, the lower fractal (blue dotted line).
Source: Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on August 31, 2022
