FX.co ★ Indicator analysis: GBP/USD daily review on March 7, 2023

Trend analysis (Fig. 1)

GBP/USD will continue rising on Tuesday, starting from the closing of yesterday's daily candle at 1.2021 to the 76.4% retracement level at 1.2092 (yellow dashed line). If this level is tested, the pair may resume moving upwards to the 85.4% retracement level at 1.2113 (yellow dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - downtrend

Weekly chart - uptrend

Conclusion: GBP/USD will move up from 1.2021 (closing of yesterday's daily candle) to the 76.4% retracement level at 1.2092 (yellow dashed line), and then head towards the 85.4% retracement level at 1.2113 (yellow dotted line).

Alternatively, the pair could climb from 1.2021 (closing of yesterday's daily candle) to the 76.4% retracement level at 1.2092 (yellow dashed line), and then bounce towards another 76.4% retracement level at 1.1982 (blue dotted line). The pair will resume its increase after testing the level.