empty
 
 
17.01.2022 03:50 PM
GBPUSD starts the week under pressure.

GBPUSD is trading around 1.3647 challenging the key upward sloping support trend line coming from the 1.3172 low. Technically trend remains bullish as price is still making higher highs and higher lows. However as we mentioned last week, there are signs showing that the upside is limited and a pull back is imminent.

This image is no longer relevant

Red line - support trend line

GBPUSD is still above the red support trend line. Last week we noted that a bearish Daily candlestick formation was an important warning for bulls. Price starts the week under pressure and failure to hold above the red support trend line, would be a new bearish sign. Resistance is at 1.3747 and at 1.3690. Support is where we are currently trading, around 1.3646 and next support level is found at 1.3530. I believe we have seen the highs and we should start rolling over the next few sessions.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback