FX.co ★ Technical analysis of GBP/USD for March 2022

Trend analysis

GBP/USD is likely to rise from 1.3417 (the closing of the February monthly candle) to 1.3602, which is the resistance line (black thick line). Upon reaching it, the pair will move further up to the 85.4% retracement level at 1.3940 (red dotted line), then go to the upper fractal at 1.4247 (monthly candle from 06/01/2021).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend with no lower shadow on the monthly white candle and no second upper shadow.

And throughout the month, the pair will climb from 1.3417 (the closing of the February monthly candle) to the resistance line at 1.3602 (black thick line), then go further up to the 85.4% retracement level at 1.3940 (red dotted line). After that it will move to the upper fractal at 1.4247 (monthly candle from 06/01/2021).

Alternatively, the pair could increase from 1.3417 (the closing of the February monthly candle) to the resistance line at 1.3602 (black thick line), then go to the historical support level at 1.3298 (blue dotted line).