FX.co ★ Indicator analysis. Daily review for GBP/USD on March 10, 2022

Trend analysis (Fig. 1).

On Thursday, the price may start declining from 1.3176 (yesterday's daily candlestick close) with the target of 1.3147, pullback level of 38.2% (red dotted line). If this level is tested, the pair will move upwards, targeting the retracement level of 23.6%, 1.3213 (blue dotted line). After reaching this level, the pair will attempt to continue rising to 1.3295, a pullback level of 38.2% (blue dotted line).

Fig. 1 (daily chart).

Complex analysis:

- indicator analysis - upwards;

- Fibonacci levels - upwards;

- volumes - upwards;

- candlestick analysis - upwards;

- trend analysis - upwards;

- Bollinger bands - upwards;

- weekly chart - upwards.

General conclusion:

Today, the price may start declining from 1.3176 (yesterday's daily candlestick close) with the target of 1.3147, pullback level of 38.2% (red dotted line). If this level is tested, the pair will move upwards, aiming to reach the retracement level of 23.6%, 1.3213 (blue dotted line). After reaching this level, the pair will try to continue rising to 1.3295, a pullback level of 38.2% (blue dotted line).

Another possible scenario: the pair may start declining from 1.3176 (yesterday's daily candlestick close) with the target of 1.3122, pullback level of 61.8% (red dotted line). If this level is tested, the pair will move upwards, targeting the retracement level of 23.6% at 1.3213 (blue dotted line). After reaching this level, the pair will attempt to continue rising to 1.3295, a pullback level of 38.2% (blue dotted line).