FX.co ★ Indicator analysis of GBP/USD for March 9, 2022

Trend analysis (Fig. 1).

The market may move up on Wednesday from the level of 1.3097 (close of yesterday's daily candle) to 1.3162, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3213, the 23.6% retracement level (blue dotted line). From here, further upward movement is possible.

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 up from the level of 1.3097 (close of yesterday's daily candle) to 1.3162, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3213, the 23.6% retracement level (blue dotted line). From here, further upward movement is possible.

Unlikely scenario: from the level of 1.3097 (close of yesterday's daily candle), the price may start moving up to 1.3162, the 14.6% retracement level (blue dotted line). In case of testing this level, the price may move down to the target level of 1.3081, the lower fractal (blue dotted line).