Indicator analysis. Daily review for GBP/USD for March 11, 2021

Trend analysis (Fig. 1).

On Thursday, the pair is likely to go up to the upper fractal at 1.4015 (the daily candlestick as of March 4th, 2021) from 1.3932, the closing price of yesterday's daily candlestick. The upward movement is expected to extend if the price tests this level. In such a case, the target is seen at the historic resistance level of 1.4217 (the blue dotted line).

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Fig. 1 (daily chart)

Comprehensive analysis:

- indicator analysis - uptrend

- Fibonacci levels - uptrend

- volumes - uptrend

- candlestick analysis - downtrend

- trend analysis - uptrend

- Bollinger bands - uptrend

- weekly chart - uptrend

Conclusion:

Today, the pair is likely to go up to the upper fractal at 1.4015 (the daily candlestick as of March 4th, 2021) from 1.3932, the closing price of yesterday's daily candlestick. The upward trend is expected to extend if the price tests this level. In such a case, the target is seen at the historic resistance level of 1.4217 (the blue dotted line).

Alternatively, the pair may go down to the support line of 1.3820 (the red bold line) from 1.3932, the closing price of yesterday's daily candlestick. The upward trend is expected to extend if the price tests this line. In such a case, the target is seen at 1.3944, the 85.4% retracement level (the yellow dotted line).

The material has been provided by InstaForex Company - www.instaforex.com

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