FX.co ★ Indicator Analysis of GBP/USD on March 12, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2809 (closing of yesterday's daily candle) to test the historical resistance level of 1.2847 (blue dotted line). Upon reaching this level, a continued upward movement is possible to test the upper fractal at 1.2892 (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from the level of 1.2809 (closing of yesterday's daily candle) to test the historical resistance level of 1.2847 (blue dotted line). Upon reaching this level, a continued upward movement is possible to test the upper fractal at 1.2892 (yellow dotted line).

Alternatively, from the level of 1.2809 (closing of yesterday's daily candlestick), the price may move upward to test the historical resistance level of 1.2847 (blue dotted line). Upon reaching this level, a downward movement is possible, with the target of testing the 14.6% pullback level at 1.2837 (yellow dotted line).