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11.08.202209:37 Forex Analysis & Reviews: Indicator analysis of GBP/USD on August 11

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Trend analysis (fig. 1).

Today, the pair may continue to drop to 1.2166 – the Fibonacci retracement level of 23.6% (blue dotted line) from 1.2212 (the closing of yesterday's intraday candlestick). When testing this level, it may rebound to 1.2275 – the intraday candlestick that was formed yesterday. If the price hits this level, it is likely to resume an upward movement.

Fig. 1 (intraday chart).

Complex analysis:

- indicator analysis– up;- Fibonacci retracement levels – up;- trading volumes – up;- candlestick analysis – up;- trend analysis– up;- Bollinger bands – up;- weekly chart-up.

Conclusion

Alternatively, the price could decline to the target level of 1.2112 – the 21 average EMA (black thin line) from 1.2212 (closing of yesterday's intraday candlestick). When testing this level, the pair may rebound to 1.2275 – the intraday candlestick that was formed yesterday. After reaching this level, it may resume an upward movement.

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