FX.co ★ Indicator analysis of GBP/USD for March 3, 2022

Trend analysis (Fig. 1).

The market may move up on Thursday from the level of 1.3402 (close of yesterday's daily candle) to test 1.3456, the 50.0% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up to the target level of 1.3500, the 61.8% retracement level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - up;

- Fibonacci levels - up;

- Volumes - up;

- Candlestick analysis - up;

- Trend analysis - up;

- Bollinger bands - up;

- Weekly chart - up.

General conclusion:

The price may move up from the level of 1.3402 (close of yesterday's daily candle) to test 1.3456, the 50.0% retracement level (blue dotted line). Upon reaching this level, the price may continue to move up to the target level of 1.3500, the 61.8% retracement level (blue dotted line).

Alternative scenario: from the level of 1.3402 (close of yesterday's daily candle), the price may start to move down to test the historical support level of 1.3352 (blue dotted line). Upon reaching this level, the price may move up to the target level of 1.3412, the 38.2% retracement level (blue dotted line). Upon reaching this level, the price may continue moving up to the target level of 1.3456, the 50% retracement level (blue dotted line).