FX.co ★ Technical analysis of GBP/USD for March 4-9, 2024

Trend analysis

GBP/USD may initiate an upward movement this week, rising from 1.2649 (closing price of the last weekly candle) to the historical resistance level of 1.2761 (blue dashed line). Following this, the price will increase further to the upper fractal located at 1.2826 (blue dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - upward

Fibonacci levels - upward

Volumes - upward

Candlestick analysis - upward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: The indicators point to an upward movement in GBP/USD.

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

So, during the week, pound will climb from 1.2649 (closing price of the last weekly candle) to the historical resistance level of 1.2761(blue dashed line), and then approach the upper fractal located at 1.2826 (blue dashed line).

Alternatively, the price could rise from 1.2667 (closing price of the last weekly candle) to the historical resistance level of 1.2761 (blue dashed line), followed by a pullback towards the 61.8% retracement level of 1.2719 (red dashed line).