01.03.202112:22 Forex Analysis & Reviews: Technical analysis for GBP/USD pair in March 2021

Trend analysis

In March, the price from the level of 1.3926 (closing of February's monthly candlestick) is expected to rise to the first target of 1.4230 (blue dotted line) – the historical resistance level. After testing this level, the upward trend may resume to the upper target of 1.4374 (red dotted line) – the upper fractal.

Figure 1 (monthly chart)

Indicator analysis:

• Indicator analysis - up
• Fibonacci levels - up
• Volumes - up
• Candlestick analysis - down
• Trend analysis - up
• Bollinger lines - up

The price is likely to be in the upward trend based on comprehensive analysis.

Based on the candlestick calculation of the monthly chart of EUR/USD, the price will most likely move in the upward trend, both without the first lower shadow (first week of the month – white) and the second upper shadow (last week – white) in the monthly white candlestick.

Most likely, the price will rise from the level of 1.3926 (closing of February's monthly candlestick), with the first target set at the historical resistance level of 1.4230 (blue dotted line). After testing it, the upward trend may extend towards the upper target of 1.4374 (red dotted line) – the upper fractal.

Alternatively, the price from the level of 1.3926 (closing of February's monthly candlestick) may decline to the first target of 1.3816 (blue dotted line) – a pullback level of 14.6%, from which possible growth can be expected.