Trade Analysis & Reviews: 17.02.2023 - Indicator analysis: Daily...

17.02.2023 09:45 AM

Indicator analysis: Daily review of GBP/USD on February 17, 2023

Trend analysis (Fig. 1).

The pound-dollar pair may move downward from the level of 1.1986 (closing of yesterday's daily candle) to 1.1928, the 85.4% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.1982, the 76.4% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

Indicator analysis - down;
Fibonacci levels - down;
Volumes - down;
Candlestick analysis - down;
Trend analysis - down;
Bollinger bands - down;
Weekly chart - down.

General conclusion:

Today, the price may move downward from the level of 1.1986 (closing of yesterday's daily candle) to 1.1928, the 85.4% pullback level (blue dotted line). Upon reaching this level, an upward movement is possible with the target of 1.1982, the 76.4% pullback level (blue dotted line).

Alternatively, the price may move downward from the level of 1.1986 (closing of yesterday's daily candle) to 1.1904, the historical support level (blue dotted line). Upon reaching this level, the price may move up.

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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

#GBPUSD Technical analysis