FX.co ★ GBP/USD: Breaking forecast on February 20, 2023

Although UK retail sales came better than expected (actual:

• -5.1%;

forecast: -6.6%) and the previous figures were downwardly revised to -6.1% from 5.8%, the GBP/USD pair showed growth only by the opening of the North American session. However, when the data was released, the downtrend stopped and the price stabilized somewhat. Traders seemed not strong enough to begin a correction. Therefore, the market is likely to trade sideways today. Moreover, the macroeconomic calendar will be empty and US markets will be closed for Presidents' Day.

United Kingdom Retail Sales:

The GBP/USD pair failed to consolidate below 1.1950. As a result, selling volumes decreased, the downtrend slowed, and the price rebounded.

The RSI technical indicator is moving near line 50 in the 4-hour time frame. If the price settles above this line, buying volumes may increase.

Despite the current rebound, the Alligator's moving averages are headed down in the 4-hour time frame. Although that might be a residual technical signal.

Despite a breakout through the support level of 1.2000, the sellers are still facing pressure from the barrier. Let's assume that the current rebound and the sideways movement trigger an accumulation. In such a case, that may cause price swings.

Targets are seen at 1.1950 and 1.2050. These marks are highly likely to become the starting point for speculators. The quote should consolidate beyond either of the levels intraday.

In terms of complex indicator analysis, there is a mixed signal for short-term trading on the back of a flat market as well as a buy signal for intraday trading.