FX.co ★ Indicator analysis of GBP/USD for March 2, 2022

Trend analysis (Fig. 1).

The market may move down on Wednesday from the level of 1.3319 (close of yesterday's daily candle) to 1.3234, the historical support level (blue dotted line). In case of testing this level, the price may move up to the target level of 1.3326, the 14.6% retracement level (blue dotted line). From here, the price may continue to move up.

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Weekly chart - up;

- Bollinger Bands – up.

General conclusion:

The price may move down from the level of 1.3319 (close of yesterday's daily candle) to 1.3234, the historical support level (blue dotted line). In case of testing this level, the price may move up to the target level of 1.3326, the 14.6% retracement level (blue dotted line). From here, the price may continue to move up.

Unlikely scenario: from the level of 1.3319 (close of yesterday's daily candle), the price may move down to 1.3271, the lower fractal (blue dotted line). In case of testing this level, the price may move up to the target level of 1.3352, the historical resistance level (blue dotted line).