03.08.202010:22 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for this week (August 3-8)

Trend analysis.

This week, the price from the level of 1.3081 (the close of the last weekly candle) will move downward in order to reach the pullback level of 14.6% - 1.2911 (red dotted line). If this line is reached, it is possible to continue working downwards with the target at 1.2751 - the pullback level of 23.6% (red dotted line).

Fig. 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - down;

- monthly chart - down.

Conclusion on a comprehensive analysis - a downward movement.

The overall result of calculating the GBP/USD candlestick according to the weekly chart: the price of the week is likely to have a downward trend with the absence of the first upper shadow of the weekly black candlestick (Monday - down) and the presence of the second lower shadow (Friday - up).

General scenario: The first downside target is the pullback level of 14.6% - 1.2911 (red dotted line). If this line is reached, it is possible to continue working downwards with the target of 1.2751 - the pullback level of 23.6% (red dotted line).

An unlikely scenario: from the level of 1.2790 (closing of the last weekly candle), it will rise in order to reach the upper fractal - 1.3169 (red dotted line). Upon reaching, it is possible to continue working upward with the target of 1.3298 - the historical resistance level (blue thin line).