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Technical analysis of GBP/USD for January 22, 2021


Overview :

The GBP/USD pair continues to move upwards from the level of 1.3608.

The pair rose from the level of 1.3660 (the level of 1.3660 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 1.3745. However, the trend moved downside and the structure of a fall does look corrective - close at 1.3670.

Today, the first support level is seen at 1.3608 followed by 1.525, while daily resistance 1 is seen at 1.3745.

According to the previous events, the GBP/USD pair is still moving between the levels of 1.3608 and 1.3790; for that we expect a range of 182 pips (1.3790 - 1.3608).

On the one-hour chart, immediate resistance is seen at 1.3745, which coincides with the highest price in last five days. Currently, the price is moving in a bullish channel.

This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100).

Therefore, if the trend is able to break out through the first resistance level of 1.3745, we should see the pair climbing towards the daily resistance at 1.3790 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3523.

Forecast :

Amid the previous events, the GBP/USD pair is still moving between the levels of 1.3608 and 1.3790. The major support can be found at 1.3608 providing a clear signal to sell with a target seen at 1.3790. If the trend breaks the minor resistance at 1.3790, the pair will move upwards continuing the bullish trend development to the level of 1.3790 in order to test the daily support 2. Overall, we still prefer the bullish scenario which suggests that the pair will stay above the zone of 1.3608.

The material has been provided by InstaForex Company -