Technical analysis of GBP/USD for January 24, 2022

Overview:The GBP/USD pair reached a new minimum at the price of 1.3439. So, the price may reach one more minimum around the spot of 1.3439, which coincides with the ratio of 00% Fibonacci retracement levels - double bottom. Today, the GBP/USD pair is challenging the psychological resistance at 1.3500. The weekly pivot point sets at the point of 1.3500 at the time frame of one-hour. Hence, the resistance is seen at the level of 1.3535 in the one-hour time frame. We expect the GBP/USD pair to continues moving in a downtrend below the level of 1.3535 towards the first target at 1.3374 ( S1), while major resistance is found at 1.3564 (50% Fibonacci retracement levels). On the downside, a clear break at the level of 1.3439 could trigger further bearish pressure testing 1.3374, which represents the major resistance today.

Forecast:

As a result, it is gainful to sell below this price of 1.3535 with targets at 1.3439 and 1.3374. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.3374.

Daily Technical level:

Major resistance: 1.3564 Minor resistance: 1.3535 Intraday pivot point: 1.3500 Minor support: 1.3439 Major support: 1.3374