Indicator analysis. Daily review on GBP / USD for August 27, 2020

Trend analysis (Fig. 1).

The market may continue to move upward from the level of 1.3209 (closing of yesterday's daily candle) with the target at the upper fractal 1.3267 (red dotted line). In case of breaking through this level, the upward trend may continue with the next target at the historical resistance level of 1.3310 (blue dotted line).

analytics5f47592966d99.jpg

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger lines - up;

- Weekly chart - up.

General conclusion:

Today, the price may continue to move upward from the upper fractal 1.3267 (red dotted line). In case of breaking through this level, the upward trend may continue with the next target at the historical resistance level of 1.3310 (blue dotted line).

Another possible scenario is from the level of 1.3209 (closing of yesterday's daily candle) the price may begin to move down with the target at the support level of 1.2984 (black bold line). Upon reaching this level, an upward rollback is possible with the target of 1.3207 - an 85.4% pullback level (blue dashed line).

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