FX.co ★ Indicator analysis of GBP/USD for March 17, 2022

Trend analysis (Fig. 1).

The market may move up on Thursday from the level of 1.3142 (close of yesterday's daily candle) to 1.3202, the historical resistance level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3244, the 38.2% retracement level (blue dotted line). In case of testing this level, 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;
• Bollinger Bands - up;
• Weekly chart up.

General conclusion:

The price may move up from the level of 1.3142 (close of yesterday's daily candle) to 1.3202, the historical resistance level (blue dotted line). In case of testing this level, the price may continue to move up to the target level of 1.3244, the 38.2% retracement level (blue dotted line). In case of testing this level, further upward movement is possible.

Unlikely scenario: from the level of 1.3142 (close of yesterday's daily candle), the price may start moving up to the target level of 1.3202, the historical resistance level (blue dotted line). In case of testing this level, the price may move downward to the target level of 1.3085, the support line (thick red line).