31.08.202010:04 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for the week (August 31 to September 5)

Trend analysis.

This week, the price should increase from the level of 1.3347 (closing of the last weekly candlestick) in order to reach the upper fractal 1.3514 (yellow dotted line). If this level is reached, it is possible to continue working upwards with the target of the pullback level of 76.4% - 1.3675 (blue dotted line).

Figure: 1 (weekly chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - up;

- monthly chart - up.

An upward movement can be concluded based on a comprehensive analysis.

The general result of calculating the candlestick of the GBP/USD currency pair according to the weekly chart: the price is likely to have an upward trend with the absence of the first lower shadow of the weekly white candlestick (Monday - up) and the absence of the second upper shadow (Friday - up) this week.

The first upper target is an upper fractal 1.3514 (yellow dotted line). If this level is reached, it is possible to continue rising with the target of the pullback level of 76.4% - 1.3675 (blue dotted line).

An unlikely scenario: from the level of 1.3347 (closing of the last weekly candle), the price is unlikely to decline, with a target - the historical support level 1.3298 (blue thin line) as well as continue further with the target - the pullback level of 14.6% - 1.3070 (red dotted line).