Indicator analysis. Daily review on GBP / USD for August 18, 2020

Trend analysis (Fig. 1).

The market may continue to move upward from the level of 1.3105 (closing of yesterday's daily candle) with the target at the historical resistance level of 1.3350 (blue dotted line). From this level, a downward pullback is possible.

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today the price may continue to move upward from the level of 1.3105 (closing of yesterday's daily candle) with the target at the historical resistance level of 1.3350 (blue dotted line).

Another possible scenario is from the level of 1.3105 (closing of yesterday's daily candle), the price may continue to move upwards with the target at the upper fractal 1.3186 (red dotted line). In case of testing this level, the price may move downward with the target of 1.3050 - a 14.6% pullback level (red dotted line).

The material has been provided by InstaForex Company - www.instaforex.com