Indicator analysis. Daily review of the GBP/USD currency pair for March 1, 2021

Trend analysis (Fig. 1).

Today, the market from the level of 1.3887 (closing of last Friday's daily candle) may start moving up with the target of 1.4217 - the historical resistance level (blue dotted line). When testing this line, the upward movement may continue with the target of 1.4377 - upper fractal (yellow dotted line).

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Figure 1 (Daily Chart).

Comprehensive analysis:

  • Indicator analysis - up;
  • Fibonacci levels - up;
  • Volumes - up;
  • Candlestick analysis - up;
  • Trend analysis - up;
  • Bollinger lines - up;
  • Weekly chart - up.

General conclusion:

Today, from the level of 1.3887 (closing of last Friday's daily candle), the price may start moving up with the target of 1.4217 – the historical resistance level (the blue dotted line). When testing this line, the upward movement may continue with the target of 1.4377 - upper fractal (yellow dotted line).

Unlikely scenario: from the level of 1.3887 (closing of last Friday's daily candle), the price may start moving up with the target of 1.3999 – 5 EMA (red thin line). When testing this line, a downward movement is possible, with the target of 1.3815 – the 14.6% retracement level (red dotted line).

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

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