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02.02.202409:20 Forex Analysis & Reviews: Indicator Analysis of GBP/USD on February 2, 2024

Trend analysis (Fig. 1).

The GBP/USD currency pair may move upward from the level of 1.2739 (closing of yesterday's daily candle) to 1.2756, the 85.4% pullback level (blue dotted line). In the case of testing this level, a downward movement is possible with a target of 1.2733, the historical support level (blue dotted line). From this level, the upward trend may resume.

Exchange Rates 02.02.2024 analysis

Fig. 1 (daily chart).

Comprehensive analysis:

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

General conclusion: Today, the price may move upward from the level of 1.2739 (closing of yesterday's daily candle) to 1.2756, the 85.4% pullback level (blue dotted line). In the case of testing this level, a downward movement is possible with a target of 1.2733, the historical support level (blue dotted line). From this level, the upward trend may resume.

Alternatively, the price may move upward from the level of 1.2739 (closing of yesterday's daily candlestick) to 1.2756, the 85.4% pullback level (blue dotted line). In the case of testing this level, a continued upward movement is possible.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Stefan Doll,
Analytical expert of InstaSpot
© 2007-2025
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