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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 337479, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 22nd FEB, 2024 GBPUSD – Bullish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/iidBSBu.png[/img] GBPUSD had a strong bullish momentum today when the prices touched a high of 1.2708 after which we saw a downwards retracement in its levels touching a low of 1.2611. We can see that the prices remained in a consolidation channel after which we can see the resumption of the bullish trend. We can see the formation of Bullish Trend Reversal pattern with the Adaptive Moving Average AMA20 and AMA50 in the daily timeframe. The prices of GBPUSD are ranging near the support of triangle in the weekly timeframe. The price is back over the Pivot point in the weekly timeframe indicating the bullish tone present in the markets with immediate targets of 1.2696. GBPUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal seen above the 1.2611 mark. [*] Short-term range appears to be Mild Bullish. [*] GBPUSD continues to remain above the 1.2600 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] GBPUSD is now trading below its Pivot levels of 1.2660 and is moving into a Bullish channel. The price of GBPUSD is aiming to cross its Classic resistance levels of 1.2664 and the next target is located at 1.2696 which is a 14-3 Day Raw Stochastic at 70%. [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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