FX.co ★ Indicator analysis: Daily review of GBP/USD on March 16, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move upward from the level of 1.2050 (closing of yesterday's daily candle) to 1.2124, the 50.0% pullback level (blue dotted line). When testing this level, a continued upward movement is possible with the target of 1.2200, the 61.8% pullback level (blue dotted line). From this level, the price may move down.

Fig. 1 (daily chart).

Comprehensive analysis:

• Indicator analysis - up;
• Fibonacci levels - up;
• Volumes - up;
• Candlestick analysis - up;
• Trend analysis - up;
• Bollinger bands - up;
• Weekly chart - up.

General conclusion:

Today, the price may move upward from the level of 1.2050 (closing of yesterday's daily candle) to 1.2124, the 50.0% pullback level (blue dotted line). When testing this level, a continued upward movement is possible with the target of 1.2200, the 61.8% pullback level (blue dotted line). From this level, the price may move down.

Alternatively, the price may move upward from the level of 1.2050 (closing of yesterday's daily candle) to 1.2105, the 23.6% pullback level (yellow dotted line). From here, the price may move downward with the target of 1.2009, the lower fractal (daily candle from 15/03/2023).