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24.01.202315:30 Forex Analysis & Reviews: GBP/USD outlook for January 24, 2023

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 24.01.2023 analysis

Against the background of the weakness of the U.S. dollar, the GBP/USD pair managed to correct into the medium-term bull market zone, rising above 1.2130, 1.2240, through which important support levels pass: 200 EMA on the daily chart and 200 EMA on the weekly chart.

Despite the corrective growth (since the end of September, when the Bank of England unexpectedly intervened in the government bond market) below the key resistance levels 1.2750 (144 EMA on the weekly chart) and 1.2900 (200 EMA on the weekly chart), the long-term and global downward trend of the pair remains, making short positions preferable.

Exchange Rates 24.01.2023 analysis

A consecutive breakdown of the support levels 1.2130, 1.2065 (144 EMA and the lower limit of the upward channel on the daily chart), 1.2020 (50 EMA on the daily chart) will return GBP/USD to the long-term bear market zone, sending it towards the September lows near the 1.0400 mark. The first signal to build up short positions may be a breakdown of the important short-term support level 1.2300 (200 EMA on the 1-hour chart).

Exchange Rates 24.01.2023 analysis

In an alternative scenario, GBP/USD will continue to rise towards the key resistance levels 1.2750, 1.2900. The signal for the resumption of long positions will be the breakdown of today's high at 1.2413 and the local resistance level (and this month's high) at 1.2440.

Support levels: 1.2300, 1.2240, 1.2147, 1.2130, 1.2065, 1.2020, 1.2100, 1.2000, 1.1160, 1.0940

Resistance levels: 1.2410, 1.2440, 1.2500, 1.2750, 1.2800, 1.2900

Trading scenarios

Sell Stop 1.2285. Stop-Loss 1.2375. Take-Profit 1.2240, 1.2147, 1.2130, 1.2065, 1.2020, 1.2100, 1.2000, 1.1160, 1.0940

Buy Stop 1.2375.Stop-Loss 1.2285. Take-Profit 1.2400, 1.2440, 1.2500, 1.2750, 1.2800, 1.2900

Jurij Tolin
Analytical expert of InstaForex
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