15.01.202109:27 Forex Analysis & Reviews: Technical Analysis of GBP/USD for January 15, 2021

Technical Market Outlook:

The GBP/USD pair had tested the recent swing high located at the level of 1.3698, but no breakout higher occurred so far. The market has made a pull back towards the technical support seen at the level of 1.3624 and since then the Cable keeps consolidate in a narrow trading zone between the levels of 1.3624 - 1.3708. In a case of a deeper pull-back, the next technical support is seen at the level of 1.3533. The market conditions are overbought, but the weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.3811

WR2 - 1.3757

WR1 - 1.3642

Weekly Pivot - 1.3588

WS1 - 1.3474

WS2 - 1.3415

WS3 - 1.3307

Trading Recommendations:

The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3702. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.