11.01.2022 09:06 PM
Technical analysis of GBP/USD for January 11, 2022

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Overview :
  • The GBP/USD pair continues to move upwards from the level of 1.3507.
  • According to the previous events, the GBP/USD pair is still moving between the levels of 1.3507 and 1.3680; for that we expect a range of 173 pips (1.3680 - 1.3507).
  • On the four-hour chart, immediate support level is seen at 1.3507, which coincides with a ratio of 78% Fibonacci retracement.
  • 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) and (50). Therefore, if the trend is able to break out through the first resistance level of 1.3604, we should see the pair climbing towards the daily resistance at 1.3680 to test it.
  • It would also be wise to consider where to place stop loss; this should be set below the second support of 1.3507.

Signal :

  • Buy above the spot of 1.3604 with the targets 1.3680 and 1.3735.
  • On the other hand, the daily strong support is seen at 1.3507.
  • If the GBP/USD pair is able to break out the level of 1.3507, the market will decline further to 1.3436.
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