FX.co ★ Indicator Analysis of GBP/USD on March 5, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from 1.2689 (closing of yesterday's daily candle) to test the 61.8% pullback level at 1.2674 (blue dotted line). Upon reaching this level, an upward movement is possible, with the target of testing the 76.4% pullback level at 1.2711 (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – down;
• Volumes – down;
• Candlestick analysis – down;
• Trend analysis – up;
• Bollinger bands – up;
• Weekly chart – up.

General conclusion: Today, the price may move downward from 1.2689 (closing of yesterday's daily candle) to test the 61.8% pullback level at 1.2674 (blue dotted line). Upon reaching this level, an upward movement is possible, with the target of testing the 76.4% pullback level at 1.2711 (blue dotted line).

Alternatively, from the level of 1.2689 (closing of yesterday's daily candle), the price may move downward to test the 23.6% pullback level at 1.2663 (yellow dotted line). Upon reaching this level, an upward movement is possible, with the target of testing the 76.4% pullback level at 1.2711 (blue dotted line).