FX.co ★ Indicator analysis: Daily review of GBP/USD on February 28, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.2065 (closing of yesterday's daily candle) to test 1.2033, the 50.0% pullback level (yellow dotted line). When testing this level, an upward movement is possible with the target at 1.2092, the 76.4% pullback level (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - down;
• Volumes - down;
• Candlestick analysis - down;
• Trend analysis - down;
• Bollinger bands - bottom;
• Weekly chart - down.

General conclusion:

Today, the price may move downward from the level of 1.2065 (closing of yesterday's daily candle) to test 1.2033, the 50.0% pullback level (yellow dotted line). When testing this level, an upward movement is possible with the target at 1.2092, the 76.4% pullback level (yellow dotted line).

Alternatively, the price may move downward from the level of 1.2065 (closing of yesterday's daily candle) to test 1.1982, the 76.4% pullback level (blue dotted line). When testing this level, the price may move up.