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21.01.202219:13 Forex Analysis & Reviews: January 21, 2021 : GBP/USD Intraday technical analysis and significant key-levels.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.01.2022 analysis

The GBPUSD pair has been moving within the depicted bearish channel since July.

Bearish extension took place towards 1.3220 where the lower limit of the current movement channel came to meet with Fibonacci level.

Conservative traders should have taken BUY trades around 1.3200 price levels as suggested in previous articles.

Recent bullish breakout off the depicted bearish channel has occurred few days ago. However, BUYERS were watching the price levels of 1.3730 to have some profits off their trades.

Moreover, the price level of 1.3720 stood as a key-resistance which offered bearish rejection on last Thursday.

On the other hand, the short-term outlook remains bullish as long as the pair maintains its movement above the depicted channel above 1.3570 which stands as an intraday support to offer bullish trades.

On the other hand, any bearish decline below 1.3570 will probably enhance the bearish side of the market at least towards 1.3400.

Mohamed Samy
Analytical expert of InstaForex
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