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On January 18-22, the GBP/USD currency pair strengthened. The growth of the British pound against the US dollar was 0.76%. At the same time, market participants did not pay much attention to the sharp increase in the number of infected with COVID-19, which has recently been observed in the United Kingdom. However, you will agree that the daily number of infected people in one and a half thousand people is quite high for the UK. More recently, such a development with the growing rate of spread of the coronavirus would have led to the strengthening of the US dollar as a safe asset. However, the market is now optimistic and craving for risky operations. As already noted in today's euro/dollar survey, the main event of this week will be the decision on the rates of the US Federal Reserve System (FRS) and the press conference of the head of this department, Jerome Powell. Although if you look at the economic calendar, you can find other fairly important reports, which include the release on the UK labor market, as well as preliminary data on US GDP for the fourth quarter.
Weekly
Despite the growth shown, the bulls on the pound failed to close the weekly trading above the resistance level of 1.3700. As it has been noted many times before, this mark is quite strong, and the further direction of the quote will depend on the ability to break it. The current weekly trading opened with the growth of the "British" and the pair is trading near 1.3697. It is again trying to overcome the strong resistance of sellers in the area of 1.3700-1.3744. Looking at the weekly timeframe, it is clear that the key resistance zone at this stage is 1.3700-1.3744. If the pound bulls find the strength to lift the price above 1.3744 and close the current trading week above this level, it will be possible to make plans for further purchases of sterling. In my personal opinion, the bears' task for the instrument is no less, and maybe even more difficult.
Daily
To indicate their superiority, downside players need to break through the support at 1.3631 and close the week lower. However, the red line of the Ichimoku Tenkan indicator located here will certainly strengthen this level of support. Summing up the technical picture on a weekly scale, I would prefer the further growth of the pair, which means purchases. I suggest looking closely at the opening of long positions on GBP/USD after short-term declines in the price zone of 1.3660-1.3625. You can try to buy right now or after a decline in the area of 1.3680-1.3650.
Sales will become relevant if bearish reversal patterns of candle analysis appear in the price zone of 1.3720-1.3740 on the four-hour and (or) hourly charts. By the way, we will consider these smaller timeframes in tomorrow's review of the GBP/USD currency pair. And that's all for today.
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