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:

• Indicator-based analysis – upward
• Fibonacci levels – upward
• Volumes – upward
• Candlestick analysis – upward
• Trend analysis – upward
• Bollinger Bands – upward

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).