empty
31.01.2023 11:32 AM
EUR/USD and GBP/USD technical analysis on January 31, 2023

EUR/USD

This image is no longer relevant

Higher time frames

The situation has not changed much over the past 24 hours. The pair is still holding near the support level of the daily short-term trend (1.0848). Consolidation below this level and a further decline will bring the price to the lower levels of the daily Ichimoku Cross at 1.0759 – 1.0706 – 1.0653 and the weekly short-term trend at 1.0687. The bearish scenario is more likely in current conditions for various reasons. If bulls return to the market at some point, their main target will be the key resistance of 1.0931-43 (upper boundary of the weekly Ichimoku Cloud + monthly medium-term trend).

This image is no longer relevant

H4 – H1

Bears are taking over the pair on lower time frames. The pair is currently trading below the central pivot level of 1.0868 and the weekly long-term trend of 1.0880. The next downward targets on the intraday chart are found at the support of standard pivot levels of 1.0821 – 1.0793 – 1.0746. A breakout of the Ichimoku Cloud on H4 and consolidation in the selling zone will support the bearish trend and will send the price for a new breakout.

***

GBP/USD

This image is no longer relevant

Higher time frames

The daily short-term trend has slightly shifted from the level of 1.2302. The pair is still trading in the range between 1.2457-40 (upper boundaries of Ichimoku Clouds on monthly and weekly time frames) and 1.2302 (monthly medium-term trend). If the price leaves these boundaries, it may develop a new trajectory.

This image is no longer relevant

H4 – H1

On lower time frames, the price has slipped below the key levels found at 1.2367-65 (central pivot level + weekly long-term trend). Trading below this range will support the sellers. Other intraday targets for bears are located at standard pivot levels of 1.2286 and 1.2235 as well as at the lower boundary of the cloud on H4. If the price settles outside the H4 cloud, it may head lower for new downward targets.

***

Technical analysis is based on:

Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

Lower time frames – H1: Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Forecast for EUR/USD on June 17, 2025

On Monday, the EUR/USD pair continued its upward movement, consolidated above the 100.0% corrective level at 1.1574, but was unable to continue rising afterward. A close below the 1.1574 level

Samir Klishi 12:00 2025-06-17 UTC+2

Forex forecast 17/06/2025: EUR/USD, USD/JPY, NZD/USD, SP500 and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:46 2025-06-17 UTC+2

Forecast for GBP/USD on June 17, 2025

On the hourly chart, the GBP/USD pair on Monday climbed again to the resistance zone of 1.3611–1.3633, rebounded from it, and turned back in favor of the U.S. dollar. This

Samir Klishi 10:18 2025-06-17 UTC+2

Technical Analysis of Intraday Price Movement of GBP/JPY Cross Currency Pairs, Tuesday June 17, 2025

If we look at the 4-hour chart, the GBP/JPY cross currency pair is seen moving in a Bullish bias, which is confirmed by its price movement which is moving

Arief Makmur 06:38 2025-06-17 UTC+2

Technical Analysis of Intraday Price Movement Gold Commodity Instrument, Tuesday June 17, 2025

On the 4-hour chart, the Gold commodity instrument appears to have a Divergence between the Gold price movement and the Stochastic Oscillator indicator, which indicates that in the near future

Arief Makmur 06:38 2025-06-17 UTC+2

EUR/USD Forecast for June 17, 2025

The euro continues to show resilience in the face of geopolitical risks, but it is not doing so independently. It is supported by oil prices and technical consolidation

Laurie Bailey 04:51 2025-06-17 UTC+2

GBP/USD Forecast for June 17, 2025

The British pound is gradually squeezed between the MACD line on the daily chart and the resistance level at 1.3635. The key question now is: which direction will the price

Laurie Bailey 04:48 2025-06-17 UTC+2

AUD/USD Forecast for June 17, 2025

The Australian dollar has been consolidating near the ascending price channel line at 0.6550 for eight consecutive sessions. The Marlin oscillator has been consolidating above the zero line even longer—since

Laurie Bailey 04:48 2025-06-17 UTC+2

XAU/USD. Analysis and Forecast

Gold is currently holding on to its intraday losses. Overall positive sentiment in the stock markets is undermining demand for bullion. However, a combination of factors is preventing bears from

Irina Yanina 12:18 2025-06-16 UTC+2

Forecast for EUR/USD on June 16, 2025

On Friday, the EUR/USD pair reversed in favor of the U.S. dollar and consolidated below the 100.0% Fibonacci correction level at 1.1574. This did not happen without reason, which

Samir Klishi 12:02 2025-06-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.