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Technical Analysis of GBP/USD for January 19, 2022

Technical Market Outlook

The GBP/USD pair has extended the pull-back to the level of 1.3567 and is currently trying to resume the up trend. The next target for bulls is located at 1.3763 and the immediate technical support is still seen at 1.3567. The momentum is weak and negative, but the market conditions on the H4 time frame chart are now extremely oversold, so the test of the level of 1.3673 is possible after the recent published UK economic data. On the larger time frame charts, like daily and weekly, the up trend is still being continued.

Weekly Pivot Points:

WR3 – 1.3997

WR2 – 1.3859

WR1 – 1.3773

Weekly Pivot – 1.3654

WS1 – 1.3552

WS2 – 1.3440

WS3 – 1.3332

Trading Outlook:

To corrective movement to the upside is continued, but the up move might be terminated due to the Shooting Star candlestick pattern made at the daily time frame chart at the level of 1.3717. The down trend long-term target is located at 1.2668 ( September 2020 lows) as long as the level of 1.3604 is not clearly broken (daily candle close far away from this level).

The material has been provided by InstaForex Company – www.instaforex.com

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