GBP/USD: Daily Technical Analysis For February 23, 2016

Pin It

The GBP/USD opened with a deep gap of 140 pips in today’s trading session over the weekend and continued to fall to as low as 1.4056. It later met support around the weekly support 2 region and formed a bullish engulf price action indicating a retracement is in play as the market seems to be over-sold.

Nevertheless, Intra-day bias remains on the downside for a retest of 1.4089 weekly support 2 as long as 21 and 55 EMA remains crossed to the downside with SSRC oscillator still indicating continuation of bearish momentum in the pair. A break of 1.4056 will confirm bearish resumption and more fall to 1.4034 (intra-day support 1) could be seen.


Pin It

InstaForex Nigeria Office, we do fast funding/withdrawals in Naira

Please call 08065167701 or email:

Or visit us at
Suite 12,Block A, Bola Tinubu Shopping Complex,
Besides Agege Local Govt Secretariat, Pen Cinema,
Agege, Lagos State.