GBPUSD Gather Strength to Trade Afloat 1.2900 Level

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.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.