FX.co ★ Technical analysis of GBP/USD for February 18, 2022

The GBP/USD pair continues to move upwards from the level of 1.3551. Today, the first support level is currently seen at 1.3551, the price is moving in a bullish channel now.

Furthermore, the price has been set above the strong support at the level of 1.3551, which coincides with the 50% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend.

According to the previous events, we expect the GBP/USD pair to trade between 1.3551 and 1.3748. So, the support stands at 1.3551, while daily resistance is found at 1.3748.

Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3551.

In other words, buy orders are recommended above the spot of 1.3551 with the first target at the level of 1.3636; and continue towards 1.3748.

However, if the GBP/USD pair fails to break through the resistance level of 1.3636 today, the market will decline further to 1.3507 (S1).

The spot of 1.3507 remains a significant support zone. Thus, the trend is still bullish as long as the level of 1.3507 is not breached.