Indicator analysis: Daily review of GBP/USD on March 6, 2023
March 6, 2023 9:22 am
Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2040 (closing of Friday’s daily candle) to 1.2092, the 76.4% pullback level (yellow dotted line). From this level, a downward movement is possible with the target of 1.2060, the 21-day EMA (thin yellow line).
Fig. 1 (daily chart).
Comprehensive analysis:
Indicator analysis – up;
Fibonacci levels – up;
Volumes – up;
Candlestick analysis – up;
Trend analysis – up;
Bollinger bands – down;
Weekly chart – up.
General conclusion:
Today, the price may move upward from the level of 1.2040 (closing of Friday’s daily candle) to 1.2092, the 76.4% pullback level (yellow dotted line). From this level, a downward movement is possible with the target of 1.2060, the 21-day EMA (thin yellow line).
Alternatively, the price may move upward from the level of 1.2040 (closing of Friday’s daily candle) to 1.2092, the 76.4% pullback level (yellow dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2113, the 85.4% pullback level (yellow dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
Trend analysis (Fig. 1).
The pound-dollar pair may move upward from the level of 1.2040 (closing of Friday’s daily candle) to 1.2092, the 76.4% pullback level (yellow dotted line). From this level, a downward movement is possible with the target of 1.2060, the 21-day EMA (thin yellow line).
Fig. 1 (daily chart).
Comprehensive analysis:
General conclusion:
Today, the price may move upward from the level of 1.2040 (closing of Friday’s daily candle) to 1.2092, the 76.4% pullback level (yellow dotted line). From this level, a downward movement is possible with the target of 1.2060, the 21-day EMA (thin yellow line).
Alternatively, the price may move upward from the level of 1.2040 (closing of Friday’s daily candle) to 1.2092, the 76.4% pullback level (yellow dotted line). Upon reaching this level, continued upward movement is possible with the target of 1.2113, the 85.4% pullback level (yellow dotted line).
The material has been provided by InstaForex Company – www.instaforex.com
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