FX.co ★ Indicator analysis. Daily review on GBP / USD for August 20, 2020

Trend analysis (Fig. 1).

The market may continue to move downward from the level of 1.3100 (closing of yesterday's daily candle) with the target of 1.3028 - a 23.6% pullback level (red dotted line). If this level is broken, the downward trend may continue with the next target at the resistance line 1.2994 (black bold line).

Figure: 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - down;

- Candlestick analysis - down;

- Trend analysis - down;

- Bollinger lines - up;

- Weekly chart - down.

General conclusion:

Today the price may continue to move downwards with the target of 1.3028 - a 23.6% pullback level (red dotted line). If this level is broken, the downward trend may continue with the next target at the resistance line 1.2994 (black bold line). The downward trend is likely to continue upon testing this level.

Another possible scenario is after reaching the support level of 1.2994 (black bold line), the price may move upward with the target of 1.3161 - a 161.8% target level (blue dashed line).