For Traders

Analytical Reviews

Technical analysis

19.01.202211:50 Forex Analysis & Reviews: Technical Analysis of GBP/USD for January 19, 2022

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.

Technical Market Outlook

The GBP/USD pair has extended the pull-back to the level of 1.3567 and is currently trying to resume the up trend. The next target for bulls is located at 1.3763 and the immediate technical support is still seen at 1.3567. The momentum is weak and negative, but the market conditions on the H4 time frame chart are now extremely oversold, so the test of the level of 1.3673 is possible after the recent published UK economic data. On the larger time frame charts, like daily and weekly, the up trend is still being continued.

Weekly Pivot Points:

WR3 - 1.3997

WR2 - 1.3859

WR1 - 1.3773

Weekly Pivot - 1.3654

WS1 - 1.3552

WS2 - 1.3440

WS3 - 1.3332

Trading Outlook:

To corrective movement to the upside is continued, but the up move might be terminated due to the Shooting Star candlestick pattern made at the daily time frame chart at the level of 1.3717. The down trend long-term target is located at 1.2668 ( September 2020 lows) as long as the level of 1.3604 is not clearly broken (daily candle close far away from this level).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.