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Trend Analysis
In August, the price from the level of 1.3203 (closing of the July monthly candle) may begin to move upward toward the target of 1.3539 – the 14.6% retracement level (red dashed line). Upon testing this level, the price may pull back downward toward the 23.6% retracement level at 1.3386 (red dashed line).
Fig. 1 (Monthly Chart)
Indicator Analysis:
Conclusion based on comprehensive analysis: a potential upward trend.
General forecast for the GBP/USD monthly candle: The price is likely to show an upward trend, with no lower shadow on the monthly white candle (first week of the month – bullish), and an upper shadow (last week of the month – bearish).
Alternative Scenario: From the level of 1.3203 (closing of the July monthly candle), the price may begin to move upward toward the target of 1.3789 – upper fractal (red dashed line). Upon testing this level, the price may pull back downward toward 1.3591 – historical resistance level (blue dashed line).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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