04.08.202511:38 Forex Analysis & Reviews: GBP/USD. Technical Analysis for the Week of August 4–9

Trend Analysis

This week, the price from the level of 1.3278 (closing of the last weekly candle) may begin an upward movement toward the target of 1.3389 – the 23.6% retracement level (red dashed line). Upon testing this level, the price may continue moving upward toward the target of 1.3540 – the 14.6% retracement level (red dashed line).

Fig. 1 (Weekly Chart)

Comprehensive Analysis:

• Indicator analysis – upward;
• Fibonacci levels – upward;
• Volume – upward;
• Candlestick analysis – upward;
• Trend analysis – upward;
• Bollinger Bands – upward;
• Monthly chart – upward.

Conclusion of the comprehensive analysis: upward trend.

Overall forecast for the GBP/USD weekly candle: The price will most likely show an upward trend throughout the week, with the weekly white candle having a lower shadow (Monday – downward movement) and an upper shadow (Friday – downward movement).

Alternative Scenario: From the 1.3278 level (closing of the last weekly candle), the price may start an upward movement toward the target of 1.3389 – the 23.6% retracement level (red dashed line). Upon reaching this level, a downward movement toward 1.3377 – the 13-period EMA (yellow dashed line) is possible.