Indicator Analysis. Daily review for the GBP/USD currency pair 03/17/21

Yesterday, the pair moved down, tested the pullback level of 14.6% at 1.3816 (red bold line), the price went up, closing the daily candle at 1.3890. Today, the price will try to continue moving up according to the economic calendar news, it is expected at 12.30, 14.30, 18.00, 18.30 UTC (USD).

Trend Analysis (Fig. 1).

Today, the market will try to start moving up from the level of 1.3890 (the close of yesterday's daily candle) to reach the pullback level of 85.4% at 1.3944 (yellow dotted line). If this level is tested, it is possible to continue moving up with the target of 1.4003 upper fractal (daily candle from 03/11 /2021). After reaching this level, it is possible to continue moving up with the target of 1.4217 at the historical resistance level (blue 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 start moving up from the level of 1.3890 (the closing of yesterday's daily candle) in order to reach the pullback level of 85.4% at 1.3944 (yellow dotted line). If this level is tested, it is possible to continue moving up with the target of 1.4003 upper fractal (daily candle from 03/11/2021). After reaching this level, it is possible to continue moving up with the target of 1.4217 at the historical resistance level (blue dotted line).

Unlikely scenario: the price will try to start moving down from the level of 1.3890 (the closing of yesterday's daily candle) to reach the pullback level of 14.6% at 1.3815 (the red dotted line). In the case of testing this level, it is possible to move up with the target of 1.3944 – a pullback level of 85.4% (yellow dotted line).

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

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