FX.co ★ Technical analysis of GBP/USD for August 8-13, 2022

Trend analysis

GBP/USD will rise this week, starting from the closing of the last weekly candle at 1.2067 to the 23.6% retracement level at 1.2227 (red dotted line). After that it will move to the 38.2% retracement level at 1.2516 (red dotted line), then go downwards.

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

During the week, pound will increase from 1.2067 (the closing of the last weekly candle) to 1.2227, which is the 23.6% retracement level (red dotted line). Then, it will go to the 38.2% retracement level at 1.2516 (red dotted line), before moving downwards.

Alternatively, the quote could fall from 1.2067 (closing of the last weekly candle) to the support line at 1.1966 (thick white line), then go to the 14.6% retracement level at 1.2047 (red dotted line) and higher price levels.