FX.co ★ Technical analysis of GBP/USD for March 27-31, 2023

Trend analysis

GBP/USD may continue an upward movement this week, starting from the closing of last week's candle at 1.2230 to the upper fractal at 1.2444 (yellow dotted line). Upon testing this level, the pair will head towards the historical resistance level at 1.2499 (blue dotted line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All these point to an upward movement in GBP/USD.

Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

So during the week, pound will rise from 1.2230 (closing of last week's candle) to the upper fractal at 1.2444 (yellow dotted line), and then go to the historical resistance level at 1.2499 (blue dotted line).

Alternatively, quotes could jump from 1.2230 (closing of last week's candle) to the upper fractal at 1.2444 (yellow dotted line), and then return to March 19's upper fractal at 1.2342.