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

08.02.202310:19 Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 8, 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.

Technical Market Outlook:

The GBP/USD pair had made Bullish Engulfing candlestick pattern at the level of 1.1960 on the H4 time frame chart and now is trying to break above the intraday technical resistance located at 1.2086. The level of 1.2242 will now act as a technical resistance as well, so a breakout above this level of needed in order to rally higher. The momentum is weak and negative, however points to the north, so the short-term outlook is getting more and more bullish. Please be aware of the 50 MA and 100 MA bearish cross on the H4 time frame as well.

Exchange Rates 08.02.2023 analysis

Weekly Pivot Points:

WR3 - 1.20749

WR2 - 1.20704

WR1 - 1.2068

Weekly Pivot - 1.20659

WS1 - 1.20635

WS2 - 1.20614

WS3 - 1.20569

Trading Outlook:

So far the level of 1.2443 was too strong resistance to break through, so a potential Double Top price pattern might be in play. Moreover, the level of 1.2297 which is 50% Fibonacci retracement level of the last big wave down had been hit, so the bears might resume the down trend. The confirmation of the pattern comes with the level of 1.2089 breakout with a potential target at the level of 1.1840.

Sebastian Seliga
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