FX.co ★ Technical weekly analysis of GBP/USD, March 15-20

Trend analysis.

This week, the GPB/USD pair will grow to the target level of 1.4227 – the upper fractal (red dotted line) from the level of 1.3918. If the pair breaks above this level, it is likely to rise to the resistance level of 1.4347 (white bold line).

Pic. 1 (weekly chart).

Complex analysis:

-technical analysis– up;

- Fibonacci levels – up;

- volumes – up;

- candlestick analysis – up;

- trend analysis – up;

- Bollinger Bands- up;

- monthly chart – up.

The conclusion of the complex analysis: an upward movement looks likely.

The overall result of the GBP/USD pair on the weekly chart: it will maintain its upward movement with the absence of the first lower shadow of the weekly white candlestick (Monday – up) and the presence of the second upper shadow (Friday – down).

The first target is the level of 1.4227, which is the upper fractal (red dotted line). If the pair breaks above this level, it may approach the resistance level of 1.4347 (white bold line).

Alternative scenario: the pair may decline to the support level of 1.3677 (white thick line) from the level of 1.3918 (the closing of the last weekly candlestick). If the pair tests this level, it may grow to the target level of 1.3942 – the pullback level of 85.4% (blue dotted line).