Indicator analysis. Daily review on GBP / USD for August 28, 2020

Trend analysis (Fig. 1).

The market may move upward from the level of 1.3202 (closing of yesterday's daily candle) with the target at the upper fractal 1.3285. (red dotted line). Upon reaching this level, the price may continue to move upward, with the next target at the historical resistance level of 1.3310 (blue dotted line).

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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 level of 1.3202 (closing of yesterday's daily candle) with the target at the upper fractal 1.3285 (red dotted line). Upon reaching this level, the price may continue to move upward with the next target at the historical resistance level of 1.3310 (blue dotted line).

Another possible scenario is upon reaching the upper fractal 1.3285 (red dotted line), the price may move downward with the target of 1.3134 - a 14.6% pullback level (red dotted line). If this level is broken downward, the next target will be at 1.3041 - a 23.6% pullback level (red dotted line).

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