19.03.202409:30 Forex Analysis & Reviews: Indicator Analysis of GBP/USD on March 19, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move downward from the level of 1.2724 (closing of yesterday's daily candle) to test the 1.2692 support level (blue thick line). Upon reaching this level, an upward movement is possible to test the historical resistance level of 1.2733 (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move downward from the level of 1.2724 (closing of yesterday's daily candle) to test the 1.2692 support level (blue thick line). Upon reaching this level, an upward movement is possible to test the historical resistance level of 1.2733 (blue dotted line).

Alternatively, from the level of 1.2724 (closing of yesterday's daily candle), the price may move downward to test the 61.8% pullback level at 1.2661 (yellow dotted line). Upon reaching this level, an upward movement is possible with the target of testing the historical resistance level of 1.2733 (blue dotted line).