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GBP/USD retreated 0.27%, Oil Prices Up 2%

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1. Forex Market Insight     


The euro remained in a weak shaky downtrend yesterday as the dollar was supported by strong economic data that continue to suggest that the Fed’s move to tighten monetary policy may have to last longer if it is to reduce the highest inflation rate in decades. 

The U.S. PCE data for January on Friday, 24th February 2023, which will be the focus of the market this session. addition, need to pay attention to the Fed officials’ speeches. 

Technical Analysis:  

(EUR/USD 1-hour Chart)

We focus on the 1.0613 line today. If the EUR runs below the 1.0613 line, then pay attention to the support strength of the two positions of 1.0529 and 1.0485. If the strength of EUR rises over the 1.0613 line, then pay attention to the suppression strength of the two positions of 1.0655 and 1.0485.    

GBP Intraday Trend Analysis  

Fundamental Analysis:   

The pound retreated 0.27% to $1.2013 yesterday, shrugging off the impact of a recent PMI survey signaling that the Bank of England may raise interest rates again in March. 

Technical Analysis:

(GBP/USD 1-hour Chart)

GBP is mainly focused on the 1.2010-line today. If GBP runs below the 1.2010-line, it will pay attention to the suppression strength of the two positions of 1.1902 and 1.1762. If GBP runs above the 1.2010-line, then pay attention to the suppression strength of the two positions of 1.2117 and 1.2261. 

2. Precious Metals Market Insight


Fundamental Analysis:   

Gold prices fell to their lowest in about two months on Thursday 23rd February 2023, as U.S. initial jobless claims fell last week, supporting the Federal Reserve’s stance that interest rates must continue to rise to keep inflation under control.  

Spot gold fell 0.17% to close at $1,822.16 an ounce, after earlier touching its lowest level since Dec. 30 at 1,817.30. 

Technical Analysis:   

(Gold 1-hour Chart) 

Gold pays attention to the 1820-line today. If the gold price runs below the 1820-line, then it will pay attention to the support strength of the 1808 and 1793 positions. If the gold price breaks above the 1820-line, then pay attention to the suppression strength of the two positions of 1832 and 1845.  

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Oil prices closed up 2% Thursday. 23rd February 2023, on expectations that Russia will cut production sharply next month, but a stronger dollar and a sharp jump in U.S. inventories fueled demand concerns.  

Brent crude futures settled up $1.61, or 2%, at $82.21 a barrel, compared with about $98 a year ago on the eve of Russia’s invasion of Ukraine. U.S. crude futures settled up $1.44, or 2 %, at $75.39 a barrel, ending an earlier six-day losing streak.  

Oil prices were also under pressure after U.S. government data showed that crude inventories increased for the ninth consecutive week last week, sparking concerns about demand.  

The U.S. Energy Information Administration (EIA) said Thursday that crude oil inventories jumped 7.6 million barrels to about 479 million barrels in the week ended Feb. 17, compared with market estimates for an increase of 2.1 million barrels. 

Technical Analysis:

(Crude Oil 1-hour Chart) 

Oil prices today focus on 75.04- line, if oil prices run at 75.04 – line above, then pay attention to 76.89 and 78.14 two positions of suppression strength; if oil prices run at 75.04 – line below, then pay attention to 73.52 and 72.77 two positions of support strength. 


While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. 

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