FX.co ★ Technical analysis of GBP/USD for March 2023

Trend analysis:

GBP/USD will probably move up in March, starting from the closing of the February monthly candle at 1.2017 to the 50% retracement level at 1.2289 (red dotted line). Upon reaching it, the quote will head towards the target historical resistance level at 1.2650 (blue dotted line).

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have a bullish trend, with no first lower shadow on the monthly white candle (the first week of the month is white) and no second upper shadow (the last week is white).

Throughout the month, pound will rise from 1.2017 (closing of the February monthly candle) to the 50% retracement level at 1.2289 (red dotted line), and then head towards the target historical resistance level at 1.2650 (blue dotted line).

Alternatively, it could climb from 1.2017 (closing of the February monthly candle) to the 50% retracement level at 1.2289 (red dotted line), and then show a downward movement.