empty
 
 
31.01.2023 10:44 AM
Technical Analysis of GBP/USD for January 31, 2023

Technical Market Outlook:

The GBP/USD pair bounce was capped at 1.2447 and since then the market has been moving in a trading range below the local trend line. The level of 1.2262 will now act as a technical support and the bottom for the corrective wave W. The overall corrective cycle is now evolving onto more complex and time consuming WXY pattern, where waves W and Y are done and wave Y is still missing. The momentum is weak and negative, which supports the short-term bearish outlook for GBP. The next technical support is seen at the level of 1.2171 and 1.2210 (H4 time frame 100 MA).

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.24596

WR2 - 1.24223

WR1 - 1.24021

Weekly Pivot - 1.23850

WS1 - 1.23648

WS2 - 1.23477

WS3 - 1.23104

Trading Outlook:

The bulls are temporary in control of the market and the next target for bulls is 61% Fibonacci retracement level (1.2760). 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. The confirmation of the pattern comes with the level of 1.2089 breakout with a potential target at the level of 1.1840.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback