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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 336228, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 15th FEB, 2024 GBPUSD – Resistance of Channel is Broken[/SIZE][/B] [img]https://i.imgur.com/mBiR72h.png[/img] GBPUSD resumed its bullish trend today after touching a low of 1.2541 today in the Asian trading session. We can see a continuous recovery in its levels which broke the resistance barrier of 1.2594 which is a 14-3 Day Raw Stochastic at 30%. We can see that the resistance of the channel is broken in the 1-hourly timeframe. We can see Bullish price crossover with the Adaptive moving average AMA20 in the 2-hourly timeframe. The MACD crosses UP its moving average in the 4-hourly timeframe. We can see that the price of GBPUSD is ranging near support of channel and near support of triangle in the daily timeframe, which indicates a Bullish tone present in the markets. The prices are expected to enter into a consolidation phase after crossing the 1.2600 levels. GBPUSD is now trading below its both the 100-hour SMA and 200-hour SMA simple moving average. [LIST] [*] Pound bullish continuation pattern seen above the 1.2540 mark. [*] Short-term range appears to be Mild Bullish. [*] GBPUSD continues to remain above the 1.2580 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] GBPUSD is now trading above its Pivot levels of 1.2591 and is moving into a Mild Bullish Channel. The price of GBPUSD has already crossed its Classic resistance levels of 1.2587 and the next target is located at 1.2616 which is a 38.2% Retracement From 4 Week Low. [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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