04.03.202409:51 Forex Analysis & Reviews: Indicator Analysis of GBP/USD on March 4, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2649 (closing of Friday's daily candle) to 1.2680, the 14.6% pullback level (yellow dotted line). Then, from the said level, a continued upward movement is possible to the upper fractal at 1.2708 (yellow dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis – up;
• Fibonacci levels – up;
• Volumes – up;
• Candlestick analysis – up;
• Trend analysis – up;
• Bollinger bands – up;
• Weekly chart – up.

General conclusion: Today, the price may move upward from the level of 1.2649 (closing of Friday's daily candle) to 1.2680, the 14.6% pullback level (yellow dotted line). Then, from the said level, a continued upward movement is possible to the upper fractal at 1.2708 (yellow dotted line).

Alternatively, from the level of 1.2649 (closing of Friday's daily candle), the price may move upward to 1.2680, the 14.6% pullback level (yellow dotted line). Then, a downward movement may occur with a target of 1.2663, the 23.6 % pullback level (yellow dotted line).