Weekly Technical Outlook: GBP/USD; Market Forecasts for January 23rd – January 27th
- Resistance level 1.27297, 1.29142, 1.32205
- Pivot Level 1.227291
- Support Level 1.22388
Technical Analysis
The GBP USD pair closed weekend trading above 1.22388 levels to get a good support base that reinforces the expectations of continuing the bullish bias which provides signals for the price recovery in the upcoming days.
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It is supported by stochastic positivism that appears clearly on the daily time frame and rises above 69.0 levels.
The pair remains bullish for the moment with pair trading on rebound after testing barriers and that makes the trading settle at the support area and appears in the chart.
Some consolidations would be seen with bullish momentum and further rise is expected from current levels on the new found support area.
With the beginning of the new trend, the first main target is located at 1.2729 levels, pointing that breaking 1.29142 level besides holding above it will push the price to being bullish with its next target located at 1.32205 levels.
Economic
- EU Membership Court Ruling, Public Sector Net Borrowing
- Gross Domestic Product, Markit Manufacturing PMI, Existing Home Sales
- Initial Jobless Claims, Goods Trade Balance, New Home Sales
- Durable Goods Orders, Michigan Consumer Sentiment Index
Area of Interest
- Strong support at 1.22388 areas and closed above rebound of trend line.
- Bullish momentum above the support area with two bar reversal.
- Price action closed above rebound of trend line and oscillator rising above 69.0 levels indicating shift in momentum.
- At Flip Area on Daily time frame support levels.
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