FX.co ★ Indicator Analysis of GBP/USD on March 6, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2701 (closing of yesterday's daily candle) to the 23.6% pullback level at 1.2683 (yellow dotted line). In the case of testing this level, an upward movement is possible to the 85.4% pullback level at 1.2733 (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2701 (closing of yesterday's daily candle) to the 23.6% pullback level at 1.2683 (yellow dotted line). In the case of testing this level, an upward movement is possible to the 85.4% pullback level at 1.2733 (blue dotted line).

Alternatively, from the level of 1.2701 (closing of yesterday's daily candle), the price may move downwards to the 61.8% pullback level at 1.2674 (blue dotted line). In the case of testing this level, an upward movement is possible to the 85.4% pullback level at 1.2733 (blue dotted line).