Trend analysis:
Further growth may be seen in GBP/USD in August, starting from the closing of the July monthly candle at 1.2831 to the 76.4% retracement level at 1.3245 (red dotted line). A pullback may follow upon testing the level.
Fig. 1 (monthly chart)
Comprehensive analysis:
Indicator analysis - uptrend
Fibonacci levels - uptrend
Volumes - downtrend
Candlestick analysis - uptrend
Trend analysis - uptrend
Bollinger bands - uptrend
Conclusion: All signals point to an upward movement in GBP/USD.
Overall conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).
Therefore, for this month, pound will rise from 1.2831 (closing of the July monthly candle) to the 76.4% retracement level at 1.3245 (red dotted line). A pullback may follow upon testing the level
Alternatively, quotes could fall from 1.2831 (closing of the July monthly candle) to the 23.6% retracement level at 1.2478 (yellow dotted line), and then rise to the upper fractal located at 1.3141 (yellow dotted line).
