FX.co ★ Technical Analysis of Daily price movement of GBP/USD Main Currency Pairs, Monday January 30, 2023

If we look at the daily chart for the main GBP/USD currency pair, then there will be some interesting things:

1. The appearance of the Double Top Pattern (Yellow circle).

2. Deviations appear between price movements and the MACD indicator.

3. The appearance of Bearish 123 pattern.

Based on the three facts above then in a few days ahead Cable has the potential to go down trying to break below the level 1,2262 as the main target to be tested if this level managed to break then 1,2086 will be the next target to be tested while on the way to these levels is not a upward correction which exceeds the 1.2447 level because if this level is successfully penetrated upwards then it is very likely that the decline scenario described earlier will become invalid and automatically cancel itself.

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