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24.03.2023 09:55 AM
Indicator analysis: Daily review of GBP/USD on March 24, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.2285 (closing of yesterday's daily candle) to 1.2209, the 23.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2352, the 85.4% pullback level (blue dotted line).

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Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion:

Today, the price may move downward from the level of 1.2285 (closing of yesterday's daily candle) to 1.2209, the 23.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2352, the 85.4% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.2285 (closing of yesterday's daily candle) to 1.2256, the 14.6% pullback level (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2352, the 85.4% pullback level (blue dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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