FX.co - GBPUSD analsysis for February 09, 2023 - Potential for the upside movement

2023-02-09T09:27:23

Relevance until2023-02-10

Technical analysis:

GBPUSD analsysis for February 09, 2023 - Potential for the upside movement

GBP/USD has been trading upside as I expected and the price did breakout of the resistance zone, which is good sign for the further growth.

Trading recommendation:

Due to the upside momentum this morning and the long term upside trend, I see potential for the further growth towards the Pitchfork median line.

Watch for the potential buying opportunities on the intraday dips with the upside objectives at the price of 1.2260 and 1.2400

Stochastic oscillator is showing fresh upside momentum, which is strong sign that buyers are in control.

Support is set at the price of 1.2050

*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 February 09, 2023 - Potential for the upside movement