26.01.202222:35 Forex Analysis & Reviews: Technical analysis of GBP/USD for January 26, 2022

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Overview:

The GBP/USD pair can still form an ascending impulse, it continues to rise upwards. The major support is seen at 1.3435 which coincides with the ratio of 00% Fibonacci - double bottom.

According to the main scenario, it may start forming correctional structures. Today, we foresee the price to move towards the level of 1.3435 and then reach a new maximum again around the price of 1.3507.

Please, note that the strong resistance stands at the level of 1.4030. If the price breaks the level of 1.4030, we expect potential testing of 1.4100.

The current ascending structure implies that the market may reach the level of 1.4100. In this area, the trend is challenging a major resistance level.

The ascending impulse is strong enough to buy above the support of 1.3435. Therefore, the price is expected to reach a high once again.

It is rather gainful to buy at 1.3435 with the targets at 1.3507 and 1.3552.

So, it is recommended to place take profit at the price of 1.3552 as the first target today.

On the contrary, stop loss should be placed at the price of 1.3355 (below the daily support).

The bullish outlook remains the same as long as the RSI indicator is pointing to the upside on the one-hour chart.

The market is still indicating a strong bullish trend from the area of 1.3435.

On the downside, a clear break and daily close below 1.3507 could trigger further bearish pressure testing 1.3435 which represents a double bottom.

Consequently, the GBP/USD pair is able to close below the support of 1.3435 on the one-hour chart; the trend will continue its bearish momentum today.

As a result, it is gainful to sell below this price with targets at 1.3435 and 1.3395. However, the bullish trend is still expected for the upcoming hours as long as the price is above 1.3435 levels.

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