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06.02.2023 10:14 AM
Technical analysis of GBP/USD for February 6-11, 2023

trend analysis

GBP/USD may start moving upward this week, starting from the closing of last week's candle at 1.2044 to the upper fractal at 1.2446 (yellow dotted line). Upon testing this level, the pair will head towards the historical resistance level at 1.2499 (blue dotted line).

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Fig. 1 (weekly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Monthly chart - uptrend

All these point to an upward movement in GBP/USD.

Conclusion: The pair will have a bullish trend, with no first lower shadow on the weekly white candle (Monday - up) and a second upper shadow (Friday - down).

So during the week, pound will fall from 1.2044 (closing of last week's candle) to the upper fractal at 1.2446 (yellow dotted line) and then head towards the historical resistance level at 1.2499 (blue dotted line).

Alternatively, quotes could dip from 1.2044 (closing of last week's candle) to the 23.6% retracement level at 1.1949 (yellow dotted line), then bounce up to the upper fractal at 1.2446 (yellow dotted line).

Stefan Doll,
Analytical expert of InstaForex
© 2007-2024
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