FX.co ★ Indicator analysis. Daily review of the GBP/USD pair for August 19, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3750 (closing of yesterday's daily candlestick) will move down to the target of 1.3668 - the 76.4% retracement level (red dotted line). When this level is tested, an upward pullback is possible.

Figure 1 (Daily Chart).

Comprehensive analysis:

• Indicator analysis - down;
• Fibonacci levels - down;
• Volumes - down;
• Candlestick analysis - up;
• Trend analysis - down;
• Bollinger lines - down;
• Weekly chart - down.

General conclusion:

Today, the price from the level of 1.3750 (closing of yesterday's daily candlestick) will move down to the target of 1.3668 - the 76.4% retracement level (red dotted line). When this level is tested, an upward pullback is possible.

Alternative scenario: from the level of 1.3750 (closing of yesterday's daily candlestick), it may continue to move down with the target at 1.3668 - the 76.4% retracement level (red dotted line). And from this level, the downward movement may continue with the target of 1.3630 - the 85.4% retracement level (red dotted line). When this level is tested, it is possible to move upward.