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31.03.2023 09:55 AM
Indicator analysis: Daily review of GBP/USD on March 31, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move down from the level of 1.2382 (closing of yesterday's daily candle) to 1.2352, the 85.4% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2446, the upper fractal (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 down from the level of 1.2382 (closing of yesterday's daily candle) to 1.2352, the 85.4% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.2446, the upper fractal (blue dotted line).

Alternatively, the price may move down from the level of 1.2382 (closing of yesterday's daily candle) to 1.2306, 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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