HomeAnalysis NewsForex Trading: GBPUSD Technical Analysis – January 22, 2020

Forex Trading: GBPUSD Technical Analysis – January 22, 2020

22 January 2020 By Galina Mikova

A quite nice start to the GBPUSD trading week, by continually maintaining the growth momentum by marking bullish candle on the graph. With an increase in the price of more than 1.3000, as compared to the price which was closed on Friday. The price rise is due to recent favorable economic news. The technical bias may remain bullish because of the higher high prices printed during the last upside move.

GBP/USD: Technical Analysis

At 1.3071, the GBPUSD is currently quoted itself. As if we move above the price, then we come across the numbers of resistance that has the function to pull the price toward the drop. At 1.3144, there is the 23.6% Fib level, ahead of 1.3200, a psychological number, and then at 1.3511, there is the key horizontal resistance, as exhibited in the graph below.

GBPUSD

Speaking about the support levels, then the price at this point is supported by more than three support levels, the one just below it, which is the confluence of two trendlines support of 1.2966, as shown. in the graph above, afterward, it is assisted by another support level of 1.2919, the 32.8% Fib level and then at 1.2719, there is the key horizontal support.

GBP Average Earing Including Bonus

The national statistics published Average Earing Including Bonus is a crucial short-term measure of how pay levels within the UK economy are shifting. The latest report closed it with 3.2 percent, surpassing the economist’s forecast and maintaining its stability with the past month. There is strong (or bullish) anticipation of positive earnings growth for GBP.

Trade Idea

With the current circumstances, it has been said that the market is not sure of its trend, as the above graph depicts it with a combined upward and downward situation. Therefore, current stage investment depends on the investor’s destiny, while risk-averse investors shouldn’t put their eggs in this basket.