17.03.202511:23 Forex Analysis & Reviews: Technical Analysis for the Week (March 17 – March 22): GBP/USD Currency Pair

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Trend Analysis:

This week, from the 1.2921 level (previous weekly candle close), the market may initially move downward toward 1.2857 – the 14.6% retracement level (red dashed line). After testing this level, the price is expected to resume its upward movement toward 1.3117 – the 76.4% retracement level (blue dashed line).

Fig. 1 (Weekly Chart)

Comprehensive Analysis:

Indicator analysis: Bullish
Fibonacci levels: Bullish
Volume analysis: Bullish
Candlestick analysis: Bullish
Trend analysis: Bullish
Bollinger Bands: Bullish
Monthly chart: Bullish

Conclusion from Comprehensive Analysis:

The GBP/USD pair is expected to follow an upward trend during the week. The weekly candle is likely to have a lower shadow (Monday – downward movement) and a second upper shadow (Friday – downward movement), indicating initial weakness before resuming an uptrend.

Alternative Scenario:

If the price declines from 1.2921 (previous weekly close), it may target 1.2777 – the 23.6% retracement level (red dashed line). If this level is tested, the price may resume its upward movement toward 1.3044 – a historical resistance level (blue dashed line).

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