GBPUSD Technical Analysis in 4 hours: 2023-2-5
Deltafx Admin 5 February 2023In the previous analysis as a reduction in the fluctuation range was expected, we reached the desired targets in the ranges of 1.23690 and 1.22324. We also had a reaction to the trend line, but with the negative divergence in the higher time between the 2 peaks, we saw a strong performance to continue to decline which eventually led to the break of the trend line.
A correction is now expected due to Sharp’s movement. Therefore, a correction around the 1.20163 and 1.19618 areas is conceivable.
Currently, we are between the two ranges of 1.24188 and 1.18646, and taking a broader look at the decline and the development of a double top pattern, it is not far to think that the area of 1.19044 is a very important resistance for this.
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