Intraday Analysis – The GBP Continues the Struggle
Daily analysis ( 19.02.2024) : GBPUSD, USDCHF, USOIL
![Intraday Analysis – The GBP Continues the Struggle](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/19091106/Intraday-63.png)
GBP USD tests key support
![GBPUSD Chart: Depicts recent downturn, testing key support at mid-1.25 range, with potential for recovery to 1.2650 or bearish breakout to 1.2455.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/19090903/GBPUSD-CHART-19-2-2024.png)
Cable saw another downturn on the books as recession fears weighed heavy on the pound. On the chart, the pair is still hanging around February’s low at the mid-1.25 range. Should a recovery begin, the previous swing high of 1.2650 is a key level for bulls to target. A bearish breakout below 1.25 could trigger a new sell-off to the critical floor at 1.2455. As the RSI bounces back into neutral territory, 1.2590 is the first resistance.
USDCHF keeps swinging higher
![USDCHF Chart: Shows USD preparing for a higher wave despite retail sales dip. Highlights bounce from 0.8870 resistance, with potential resistance at 0.8785.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/19091012/USDCHF-CHART-19-2-2024.png)
The US dollar prepares for another wave higher, even though poor retail sales threatened a decline. Buying pressure had eased after the pair tentatively broke above 0.8800 level. The subsequent fallback saw a drop at the former resistance near 0.8870. However, the buy side remains in the game as a recent bounce of 50 pips looks to test the previous high. With the RSI falling from overbought territory, a bearish divergence could hamper the revival, with 0.8785 being the first support.
USOIL hits resistance![USOIL Chart: Illustrates WTI crude struggling post-US inventory buildup. Indicates recovery mode, with resistance at 78.00 and potential support at 76.50 or 73.40.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/19091036/USOIL-CHART-19-2-2024.png)
WTI crude struggles after another buildup in US inventory. Price action is still in a recovery mode following the late January sell-off. The choppy grind around 78.00 resistance and a pullback remind sentiment is still cautious. 76.50 is the first support, and 73.40 is the bulls’ last line of defence. A close above the said resistance would send prices to 78.65, which has capped the commodity’s multiple bounces.
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