Indicator analysis. Daily review on GBP / USD for September 1, 2020

Trend analysis (Fig. 1).

The market may continue to move upward from the level of 1.3370 (closing of yesterday's daily candle) with the target at the upper fractal 1.3518 (blue dotted line). If this level is reached, the upward trend may continue with the next target of 1.3719 - a 261.8% target level (red dotted line).

analytics5f4de537024c7.jpg

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 1.3370 (closing of yesterday's daily candle) with the target at the upper fractal 1.3518 (blue dotted line). If this level is reached, the upward trend may continue with the next target of 1.3719 - a 261.8% target level (red dotted line).

Another possible scenario is an upward movement to the upper fractal 1.3517 (blue dotted line). Upon testing this level, the price may move downward with the target at the historical support level of 1.3310 (blue dotted line).

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