Indicator Analysis. Daily review for the GBP/USD currency pair 03/08/21

Trend Analysis (Fig. 1).

Today, the market may start moving up from the level of 1.3832 (the closing of Friday's daily candle) with a target of 1.3944 – a pullback level of 85.4% (yellow dotted line). When testing this line, it will continue to go up with the target of 1.4015 at the upper fractal (daily candle from 03/04/2021).

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Figure 1 (daily chart).

Comprehensive Analysis:

- Indicator Analysis – up

- Fibonacci Levels – up

- Volumes – up

- Candle Analysis – up

- Trend Analysis – up

- Bollinger Bands – up

- Weekly Chart – up

General Conclusion:

Today, the market may start moving up from the level of 1.3832 (the closing of Friday's daily candle) with a target of 1.3944 – a pullback level of 85.4% (yellow dotted line). When testing this line, it will continue to go up with the target of 1.4015 at the upper fractal (daily candle from 03/04/2021).

Unlikely scenario: from the level of 1.3832 (the closing of Friday's daily candle), the price may start moving down with a target of 1.3561 – a pullback level of 23.6% (the red dotted line).

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

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