22.02.202305:02 Forex Analysis & Reviews: Forecast for GBP/USD on February 22, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD rose by 0.59% (70 pips) on Tuesday despite the 0.31% increase in the dollar index. The reason was the latest business activity data in the UK, which came out better than expected. Manufacturing PMI reportedly increased from 47.0 to 49.2 in February, while Service PMI was up from 48.7 to 53.3.

If US data does not change the market sentiment until the end of the week, pound can grow up to 1.2300, which is also where the MACD line is located in the daily (D1) timeframe. But to achieve this, there should be a consolidation above the nearest resistance level of 1.2155. There is a high chance (65%) of seeing this scenario as the Marlin oscillator is already up.

On the four-hour (H4) timeframe, there was a reversal from the support of the MACD line, which is also where the low of February 15 was located. It consolidated above the balance line (red), indicating that the mood of speculators is to buy. Expect another consolidation above 1.2155.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.