FX.co ★ GBP/USD update for January 05, 2022 - Watch for the breakout of the key resistance

Technical analysis:

GBP/USD has been trading sideways at the price of 1,3535 and there is potential for the upside breakout of the resistance and further upside movement.

Trading recommendation:

Watch for the breakout of the key resistance at 1,3557 and further rise towards 1,3600.

Watch for the buying opportunistic in case of the upside breakout with the upside objective at the price of 1,3600.

Stochastic oscillator is showing overbought condition but with no reversal pattern.

Short-term support is set at the price of 1,3440