empty
 
 
23.01.2019 02:49 PM
Intraday technical levels and trading recommendations for GBP/USD for January 23, 2019

This image is no longer relevant

On December 12, the previously-dominating bearish momentum came to an end when the GBP/USD pair visited the price levels of 1.2500 where the backside of the broken daily uptrend was located.

Since then, the current bullish swing has been taking place until January 17 when significant bearish rejection was demonstrated around 1.2999 (Bearish Engulfing candlestick around the downtrend line).

This paused the bullish scenario for a while, allowing sometime for bearish correction towards 1.2830 where another bullish swing was initiated. The GBP/USD pair is currently approaching the price level of 1.3040.

For the bullish scenario to remain valid, bullish persistence above the price level of 1.3000 (The previous Weekly High) should be maintained on a daily basis.

Bullish persistence above 1.3000 enhances a further bullish advance initially towards 1.3155 (Depicted Supply level).

Otherwise, any decline below 1.3000 invalidates the bullish scenario for the short term.

This may bring the GBP/USD pair again into bearish correction that may extend down towards 1.2800 (Nearest Demand Level).

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
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback