16.03.202109:35 Forex Analysis & Reviews: Indicator analysis. GBP/USD daily review for March 16, 2021

Trend analysis (fig. 1).

On Tuesday, the pair will move down from the level of 1.3898 (closing level of yesterday's candlestick) to the target at 1.3816, which is the 14.6% fibo retracement level (red dotted line). When testing this level, the price may continue its downward movement to the target of 1.3688 - the lower boundary of the Bollinger line (black dotted line).

fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - down;

- Bollinger lines - down;

- weekly chart - down.

Conclusion:

Today, the price will try to continue its downward movement from the level of 1.3898 (closing level of yesterday's candlestick) with the target located at 1.3816, the retracement level of 14.6% (red dotted line). When testing this level, the price may continue to move down to the target of 1.3688 - the lower boundary of the Bollinger line (black dotted line).

Alternative scenario: the price will continue the downtrend from the level of 1.898 (closing level of yesterday's candlestick) with the target located at 1.3816, the retracement level of 14.6% (red dotted line). When testing this level, the price may start to move upwards with the target at 1.3944, the 85.4% retracement level (yellow dashed line).