Indicator Analysis of GBP/USD on February 12, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2624 (closing of Friday's daily candle) to 1.2644, the 50% pullback level (blue dotted line). From this level, a continued upward movement is possible with a target of 1.2674, the 61.8% pullback level (blue dotted line).

Fig. 1 (daily chart).

Comprehensive analysis:

* Indicator analysis – up;
* Fibonacci levels – up;
* Volumes – up;
* Candlestick analysis – up;
* Trend analysis – up;
* Bollinger bands – up;
* Weekly chart – up.




General conclusion: Today, the price may move upward from the level of 1.2624 (closing of Friday's daily candle) to 1.2644, the 50% pullback level (blue dotted line). From this level, a continued upward movement is possible with a target of 1.2674, the 61.8% pullback level (blue dotted line).

Alternatively, the price may move upward from the level of 1.2624 (closing of Friday's daily candle) to 1.2644, the 50% pullback level (blue dotted line). From this level, a downward movement is possible with a target of 1.2628, the 8-period EMA (blue thin line). In the case of testing this level, the price may move up.






Stefan Doll,
Analytical expert of InstaForex
© 2007-2024





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