FX.co ★ Indicator analysis: GBP/USD daily review on March 3, 2023

Trend analysis (Fig. 1)

GBP/USD may start rising on Friday, starting from the closing of yesterday's daily candle at 1.1942 to the 38.2% retracement level at 1.2007 (yellow dashed line). If this level is tested, the pair will continue moving up to the 50.0% retracement level at 1.2032 (yellow dashed line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - downtrend

Weekly chart - uptrend

Conclusion: GBP/USD will move up from 1.1942 (closing of yesterday's daily candle) to the 38.2% retracement level at 1.2007 (yellow dashed line), and then head towards the 50.0% retracement level at 1.2032 (yellow dashed line).

Alternatively, the pair could climb from 1.1942 (closing of yesterday's daily candle) to the 38.2% retracement level at 1.2007 (yellow dashed line), and then bounce towards the lower fractal at 1.1924. The upward movement will continue after the level is tested.