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17.03.2023 09:13 AM
Indicator analysis of GBP/USD on March 17

Trend analysis (fig. 1).

The pair may climb to 1.2199, the Fibonacci retracement level of 61.8% (blue dotted line) from 1.2108, the closing of yesterday's daily candlestick. After reaching this level, it is likely to retreat to 1.2140, the Fibonacci retracement level of 14.6% (yellow dotted line).

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Fig. 1 (intraday chart).

Complex analysis:

- indicator analysis– up;

- Fibonacci levels – up;

- trading volumes – up;

- candlestick analysis – up;

- trend analysis – up;

- Bollinger lines – up;

- weekly chart - up.

Conclusion:

The pair may climb to 1.2199, the Fibonacci retracement level of 61.8% (blue dotted line) from 1.2108, the closing of yesterday's daily candlestick. After reaching this level, it is likely to retreat to 1.2140, the Fibonacci retracement level of 14.6% (yellow dotted line).

Alternatively, the price may move to 1.2199, the Fibonacci retracement level of 61.8% (blue dotted line) from 1.2108, the closing of yesterday's daily candlestick. After hitting this level, the price may rise higher.

Stefan Doll,
Analytical expert of InstaForex
© 2007-2025
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