FX.co ★ Technical analysis of GBP/USD for March 18-23, 2024

Trend analysis

GBP/USD may start moving upward this week, from the level of 1.2731 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2766 (yellow dashed line). After that it will likely approach the 76.4% retracement level of 1.2880 (red 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 rise from 1.2731 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2766 (yellow dashed line), and then move towards the 76.4% retracement level of 1.2880 (red dashed line).

Alternatively, it could climb from 1.2731 (closing price of the last weekly candle) to the 14.6% retracement level of 1.2766 (yellow dashed line), followed by a retreat down to the 61.8% retracement level of 1.2719 (red dashed line).