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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 335818, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 13th FEB, 2024 GBPUSD – Resistance of Channel is Broken[/SIZE][/B] [img]https://i.imgur.com/qP8NBEo.png[/img] GBPUSD continues its bullish streak today after touching a bottom of 1.2608 in the early Asian trading session. We can see that the resistance of the channel is broken in both the 15-minutes and 1-hourly time-frame. We can see the formation of Moving Average bullish crossovers in both the AMA20 and AMA50. We can see that the price of GBPUSD has already crossed 14-3 Day Raw Stochastic at 50% which is located at 1.2646. Most of the Major technical indicators and Moving averages are giving a BUY signal at the current market levels of 1.2675. The prices are expected to enter into a consolidation phase soon, and we may see some downwards price correction before the resumption of the Uptrend. GBPUSD is now trading above its both the 100-hour SMA and 200-hour SMA simple moving average. [LIST] [*] Pound bullish reversal pattern seen above the 1.2608 mark. [*] Short-term range appears to be Mild Bullish. [*] GBPUSD continues to remain above the 1.2650 levels. [*] Average true range ATR is indicating high market volatility. [/LIST] GBPUSD is now trading above its Pivot levels of 1.2664 and is moving into a Mild Bullish Channel. The price of GBPUSD has already crossed its Classic resistance levels of 1.2658 and the next target is located at 1.2685 at which the Price Crosses 9 Day Moving Average Stalls. [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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