Indicator Analysis. Daily review for the GBP/USD currency pair 03/24/21

Yesterday, the pair moved steadily down but failed to reach the support line of the ascending channel at 1.3701 (the red bold line). The market closed the daily candle at 1.3746. Today, the price will try to continue moving down according to the economic calendar news, it is expected at 7.00, 9.30 UTC (pound) and 12.30, 14.00, 14.30 UTC (dollar).

Trend Analysis (Fig. 1).

Today, the market will try to continue moving downwards from the level of 1.3746 (the closing of yesterday's daily candle) in order to reach the support line of 1.3710 (the red bold line). In case of testing this line, it is possible to move up with the target of 1.3859-13 average EMA (yellow thin line). After reaching this line, it is possible to continue moving up with the target of 1.3844 – a pullback level of 85.4% (yellow dotted line).

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Figure 1 (daily chart).

Comprehensive Analysis:

- Indicator Analysis – up

- Fibonacci Levels – up

- Volumes – up

- Candle Analysis – up

- Trend Analysis – up

- Bollinger Bands – up

- Weekly Chart – up

General Conclusion:

Today, the price will try to continue moving downwards from the level of 1.3746 (the closing of yesterday's daily candle) in order to reach the support line of 1.3710 (the red bold line). In case of testing this line, it is possible to move up with the target of 1.3859-13 average EMA (yellow thin line). After reaching this line, it is possible to continue moving up with the target of 1.3844 – a pullback level of 85.4% (yellow dotted line).

An unlikely scenario: the price will try to continue moving down from the level of 1.3746 (the closing of yesterday's daily candle) with the aim of reaching the pullback level of 23.6% at 1.3562 (the red dotted line). In case of testing this level, it will go up with the target of 1.3677 – a pullback level of 76.4% (yellow dotted line).

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

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