GBPUSD Gather Strength to Trade Afloat 1.2900 Level

GBPUSD Price Analysis – February 23

GBPUSD extended the daily recovery during the previous session and touched a new daily high of 1.2981, as the dollar came under strong selling pressure on disappointing PMI data.

Key Levels
Resistance Levels: 1.3700, 1.3514, 1.3200
Support Levels: 1.2900, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

In the long-term trend, the movement from the base of the level of 1.1958 has not yet been completed, despite the current pullback from the level of 1.3514. It is expected that this rally will continue later to a key resistance level of 1.3700.

Reactions from there can determine if it is in consolidation from 1.1958 (low). Or a sustained breakout 1.3700 could show a long-term bullish reversal. In any case, at the moment, the trend may remain bullish, while the resistance resists 1.2582 level.

GBPUSD Short term Trend: Ranging

GBPUSD fell to 1.2849 last week but recovered. The initial bias remains neutral this week first. Further decline is expected as long as resistance level 1.3050 is maintained.

Breakdown of 1.2849 level may expand the correctional decline from the level of 1.3514 to 50% recovery from 1.1958 to 1.3514 at levels of 1.2800. The breakdown of the 1.3050 level may shift the slope upward for the resistance level 1.3200.

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