07.09.202011:04 Forex Analysis & Reviews: Technical analysis of the GBP/USD pair for this week (Sept 7-12, 2020)

Trend analysis.

This week, the price will move down from the level of 1.3275-- which was the closing of the last weekly candle-- in order to reach the pullback level of 23.6% - 1.2992 (red dotted line). If this level is tested, it is possible to work up to reach the pullback level of 61.8% - 1.3243 (blue dotted line).

Figure 1 (weekly chart)

Comprehensive analysis:

- Indicator analysis -- down

-Fibonacci levels -- down

-Volumes -- down

-Technical analysis -- down

-Trend analysis -- up

-Bollinger bands -- down

-Monthly chart -- down.

The conclusion of the complex analysis is a downward movement.

The overall result of calculating the GBP/ USD currency pair candle on a weekly chart: the price, for weeks, is likely to have a downward trend with the absence of the first upper shadow of the weekly black candle (Monday – down) and the presence of the second lower shadow (Friday – up).

The first lower goal is to reach the pullback level of 23.6% - 1.2992 (red dotted line) and if this level is tested, it is possible to work up with the goal of the pullback level of 61.8% - 1.3243 (blue dotted line).

Unlikely scenario: From the level of 1.3275 (closing of the last weekly candle), it will move down, with the goal-- a pullback of the level of 14.6% - 1.3178 (red dotted line). Upon reaching, it is possible to continue moving up with the goal, the upper fractal is 1.3481 (red dotted line).