FX.co ★ Technical analysis of GBP/USD for February 02, 2022

The GBP/USD pair will continue to rise from the level of 1.3473. The support is found at the level of 1.3473, which represents the 38.2% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.3473, while immediate resistance is seen at 1.3594.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.3545.

So, buy above the level of 1.3545 with the first target at 1.3594 in order to test the daily resistance 1 and move further to 1.3624.

Also, the level of 1.3661 is a good place to take profit because it will form a double top.

Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3545 to 1.3661 today.

At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3473, a further decline to 1.3424 can occur, which would indicate a bearish market.