27.01.202012:41 Forex Analysis & Reviews: Technical analysis of GBP/USD for January 27, 2020

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Overview:

The GBP/USD pair set above strong support at the level of 1.3042, which coincides with the 38.2% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity.

Major support is seen at the level of 1.3042 because the trend is still showing strength above it.

The pair is still in the uptrend from the spot of 1.3042 and 1.3174.

The GBP/USD pair is trading in a bullish trend from the last support line of 1.3042 towards the first resistance level at 1.3127 in order to test it.

This is confirmed by the RSI indicator signaling that we are still in the bullish trending market.

Now, the pair is likely to begin an ascending movement to the point of 1.3127 and further to the level of 1.3174.

The level of 1.3174 will act as second resistance and the double top is already set at the point of 1.3174.

At the same time, if a breakout happens at the support levels of 1.3042 and 1.3003, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.

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