01.08.202410:31 Forex Analysis & Reviews: Indicator analysis: Daily review of GBP/USD on August 1, 2024

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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:

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).

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