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Indicator analysis of GBP/USD for March 7, 2022

Relevance up to 02:00 2022-03-08 UTC–5

Trend analysis (Fig. 1).

The market may continue to move down on Monday from the level of 1.3231 (close of Friday’s daily candle) to the target level of 1.3184, the support line (thick red line). From this level, the price may move up to the target level of 1.3250, the 14.6% retracement level (blue dotted line). In case of testing this level, the upward movement may continue to the target level of 1.3291, the 23.6% retracement level (blue dotted line).

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:

The price may continue to move down from the level of 1.3231 (close of Friday’s daily candle) to the target level of 1.3184, the support level (thick red line). From this level, the price may move up to the target level of 1.3250, the 14.6% retracement level (blue dotted line). In case of testing this level, the upward movement may continue to the target level of 1.3291, the 23.6% retracement level (blue dotted line).

Unlikely scenario: from the level of 1.3231 (close of Friday’s daily candle), the price may move down to the target level of 1.3184, the support level (thick red line). From this level, the price may continue to move downward to the target level of 1.3168, the 100% retracement level (yellow dotted line). In case of testing this level, the price may move up to the target level of 1.3250, the 14.6% retracement level (blue dotted line).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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