FX.co ★ Technical analysis of GBP/USD for March 11-16, 2024

Trend analysis

GBP/USD may initiate a downward movement this week from the level of 1.2855 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2803 (yellow dashed line). Following this, the pair will turn around and climb to the 85.4% retracement level of 1.2979 (red dashed line).

Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - downward

Fibonacci levels - downward

Volumes - downward

Candlestick analysis - downward

Trend analysis - upward

Bollinger bands - upward

Monthly chart - upward

Conclusion: The indicators point to a downward movement in GBP/USD.

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

So, during the week, pound will fall from 1.2855 (closing price of the last weekly candle) to the 23.6% retracement level of 1.2803 (yellow dashed line), and then rise to the 85.4% retracement level of 1.2979 (red dashed line).

Alternatively, it could move upward from 1.2855 (closing price of the last weekly candle) to the 85.4% retracement level of 1.2979 (red dashed line), followed by further price growth.