Saturday, January 28, 2023

GBP/USD Could Continue To Rise In Near Term


Key Highlights

  • The British pound started a solid upward move above the 1.2920 resistance against the US dollar.
  • There was a break above a significant bearish trend line with resistance at 1.2930 on the 4-hour chart of .

GBP/USD Technical Analysis

Looking at the 4-hours chart, the pair traded above the 1.2990 pivot area and the 61.8% Fibonacci retracement level of the last decline from the 1.3217 high to 1.2772 low. More importantly, the pair settled above the 1.3000 resistance and the 100 (red) simple moving average (4-hours).

On the upside, initial resistance is near the 1.3120 level and the 76.4% Fibonacci retracement level of the last decline from the 1.3217 high to 1.2772 low. Above 1.3120, the pair could test the 1.3140-1.3150 resistance area.

On the other hand, if there is a downside correction, the pair may find bids above the 1.3020 level. The main support is near the 1.3000 zone and the 100 (red) simple moving average (4-hours).

GBP/USD, H4 Chart
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