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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 335666, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 12th FEB, 2024 GBPUSD – Bullish Harami Cross Pattern[/SIZE][/B] [img]https://i.imgur.com/PqfiEdu.png[/img] GBPUSD started the week on a Bullish tone touching a high of 1.2653, after which we saw some decline towards the 1.2606 levels. We can see the formation of Bullish Harami Cross pattern in the 4-hourly timeframe. The present price action supports the view that we can see some short-term declines but the prices will enter into a consolidation phase soon. We can see Bullish trend reversal pattern in the 1-hourly timeframe. Since most of the technical indicators are Neutral at this moment, it will take some time before we can see the resumption of the bullish trend. The prices of GBPUSD are ranging near support of channel in the weekly timeframe. GBPUSD is now trading below its both the 100-hour SMA and 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal pattern seen above the 1.2580 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain above the 1.2600 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] GBPUSD is now trading just below its Pivot levels of 1.2614 and is moving into a Mild Bearish Channel. The price of GBPUSD is looking to cross its Classic resistance levels of 1.2610 after which we can see a bullish progression towards the 1.2650 handle again. [I][B]Note:[/B] This Analytics is created by me and is based on my own personal Forex trading experience of 10 years. I am using my trading experience to help Experienced and Newbie traders and they should know about the risks of Forex trading.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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