FX.co ★ Technical analysis of GBP/USD for March 21-26, 2022

trend analysis

GBP/USD is likely to increase this week, from 1.3176 (closing of the last weekly candle) to 1.3293, which is the 23.6% retracement level (yellow dotted line). After that it will go to the historical support level at 1.3480 (blue dotted line).

Fig. 1 (daily chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - downtrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All this points to an upward movement in GBP/USD.

Conclusion: The pair will have an upward trend, with no first lower shadow on the weekly white candle (Monday - up) and no second upper shadow (Friday - up).

And during the week, the price will rise from 1.3176 (closing of the last weekly candle) to the 23.6% retracement level at 1.3293 (yellow dotted line), then go further up to the historical support level at 1.3480 (blue dotted line).

As such, there is little chance that the pair will dip from 1.3176 (closing of the last weekly candle) to the lower fractal at 1.2999 (yellow dotted line), then bounce up to 1.3181, which is the 14.6% retracement level (yellow dotted line).