FX.co ★ Technical analysis for GBP/USD pair for the week of March 8-13, 2021

Trend analysis

This week, the price from the level of 1.3832 (closing of the last weekly candle) is expected to decline to the target of 1.3639 (white thick line) – the support line. After testing this line, an upward movement may follow directed towards the target of 1.3942 (blue dotted line) – the pullback level of 85.4%.

Figure 1 (weekly chart)

Comprehensive analysis:

• Indicator analysis - down
• Fibonacci levels - down
• Volumes - down
• Candlestick analysis - down
• Trend analysis - down
• Bollinger lines - up
• Monthly chart - down

A downward movement can be concluded based on comprehensive analysis.

The overall result of the candlestick calculation based on the weekly chart: the price will most likely move in a downward trend this week, both without the first upper shadow (Monday - down) and the second lower shadow (Friday - up) in the weekly black candlestick.

The first downward target is the support line of 1.3639 (white thick line). Once this line is tested, the price may move upwards to the target of 1.3942 (blue dotted line) – a pullback level of 85.4%.

As an alternative, the price from the level of 1.3832 (closing of the last weekly candle) may rise to the target of 1.3942 (blue dotted line) – a pullback level of 85.4%. After testing it, the upward trend may extend further to the target of 1.4227 (red dotted line) – the upper fractal.