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GBPUSD Price Analysis – February 16
GBPUSD rebounded from the daily low of 1.3000 to complete the previous week without changes near the level of 1.3050 and up during the week. The FX pair held back on recent successes caused by shifts in the UK cabinet that ended with Rishi Sunak becoming the new Chancellor of the Treasury.
Key Levels
Resistance Levels: 1.3700, 1.3514, 1.3080
Support Levels: 1.2977, 1.2582, 1.1958
GBPUSD Long term Trend: Bullish
The Fx pair is neutral-to-bullish on its daily chart, as it settled around a flat range inside the formed triangle, while technical indicators have reduced their successes after reaching their midlines.
In the long term, the increase from the bottom of the level of 1.1958 is not yet completed, despite the current pullback from the level of 1.3514, and it is anticipated that such a rally may continue later to the resistance level of 1.3700.
GBPUSD Short term Trend: Ranging
At the 4-hour time interval, the risk moves upward, although the FX pair may need to extend its advance past the level of 1.3080, a weekly high to confirm additional growth.
In the mentioned period of time, technical indicators recovered within positive levels, while the moving average 5 and 13 maintains its bullish slope much lower than the current price level.
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
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