GBPUSD Intraday Technical Analysis


A look at the 23 February GBPUSD Intraday Technical Analysis shows that Sterling is still struggling with the 1.4000 level. Read on to see what else is disclosed in this analysis.

23 February, OctaFX – The British pound has quickly given back intraday gains against the U.S dollar, as buyers again failed to move price-action above the key 1.4000 level this morning. Sterling earlier traded as high as 1.3994, before strong technical selling saw the pair dropping sharply to the 1.3904 technical level.

Price-action now trades back above the pivotal 1.3938 level, with Brexit news and the U.S dollar index now driving the current trading sentiment surrounding the GBPUSD pair.

23 February GBPUSD Intraday Technical Analysis

  • The GBPUSD pair only retains an intraday bullish bias whilst trading above the 1.3938 level, key intraday resistance is now found at the 1.3994 and 1.4008 levels.
  • Should GBPUSD price-action hold below the 1.3938 level on a higher-time-frame basis, a further decline towards the 1.3901 and 1.3873 levels seems likely.

Disclaimer

This article about 23 February GBPUSD Intraday Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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