03.08.202009:37 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for August 2020

Trend analysis.

In August, the price from the level of 1.3081 (the close of the July monthly candlestick) may decline with the first target at 1.2946 - the support line (red bold line). If this level is broken down, we will continue to the next downside target at 1.2753 - a pullback level of 23.6% (blue dotted line).

Fig. 1 (monthly chart).

Indicator analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - up;

Conclusion on a comprehensive analysis - the bottom is possible.

The general result of the calculation of the GBP/USD candlestick on the monthly chart: the price will most likely have a downward trend with the absence of the first upper shadow (the first week of the month is black) in the monthly black candlestick and the presence of the second lower shadow (the last week is white).

General scenario: from the level of 1.3081 (closing of the July monthly candlestick), a downward movement is possible with the target of 1.2946 - the support line (red bold line).

If this line breaks down, the next lower target is at 1.2753 - a pullback level of 23.6% (red dotted line).

In case of a rebound from this level up, the next upper target will be 1.3169 - the upper fractal (red dotted line).