FX.co - GBPUSD analsysis for January 31, 2023 - Potential for the upside movement

2023-01-31T08:37:12

Relevance until2023-02-01

Technical analysis:

GBPUSD analsysis for January 31, 2023 - Potential for the upside movement

GBP/USD has been trading downside this morning and I see extreme intraday reading and potential for the upside rotation.

Trading recommendation:

Due to the potential selling climax in the background and strong support ont he test at 1.2300, I see potential for the upside movement.

Watch for the potential buying opportunities with the upside objective at 1.2360.

Stochastic oscillator is showing oversold condition and potential for the rally.

Key support is set at the price of 1.2300

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ GBPUSD analsysis for January 31, 2023 - Potential for the upside movement