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Update of previous analysis on 02/17/2023. Price formed a valid rising wedge. After confirmation and retest this pair dropped 170 pips or -1.55%.
Now the price has found support at the 1.08229 level. We have to wait and see what the next move will be. If the price breaks below this level, it means that we have bearish momentum in this pair.
XAUUSD was trading in a downtrend the last month, now seems that found support on 1805.498 and since then is trading sideways.
Now if the price break above 1845.677 we may see more movement to the upside, if the price break below 1805.498 we may see more downward movements.
GBPJPY has been trading sideways since December last year, the price has now managed to break above this strong range with a big bullish candle.
On a lower time frame, the price formed a valid uptrend line. Now we may see a correction around to 161.83 level which is the upper limit of the previous range and then more upside moves may occur. If the price breaks into this range again, it means we may see more sideways movement.
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