empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

07.02.202319:49 Forex Analysis & Reviews: February 7, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

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.

Exchange Rates 07.02.2023 analysis

Previously, the GBP/USD pair remained under bearish pressure to challenge the prominent daily bottom established around 1.1750 which was bypassed shortly after.

However, considerable bullish momentum was initiated around 1.0400-1.0600 that could prevent further bearish decline.

As the market was pursuing the current bullish movement, the newly-established ascending bottoms around 1.1150 and 1.1750 remained defended by the bulls. That's why, further bullish continuation above 1.1765 was expected.

Price action around 1.2340 was being watched for bearish rejection and a short-term SELL Entry. It was running in profits until the current bullish bounce has been expressed.

Please take into consideration that bullish breakout above 1.2340 will probably enable further advancement towards 1.2700.

On the other hand, another bearish pullback at least towards the price levels of 1.1750 should be expected for another long-term BUY Entry with initial target around 1.2350.

Mohamed Samy
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off