FX.co ★ Technical analysis on GBPUSD for January 5th, 2023.

Green line- resistance

Blue lines- Fibonacci extension targets

GBPUSD is under selling pressure. Price is trading around 1.1891 making new lower lows and lower highs. Short-term trend is bearish. Our first target of 1.19 has been reached after breaking below 1.20. Next target is at 1.17. Yesterday GBPUSD bounced towards the resistance area and could not break above to new higher highs. Price got rejected at the previous high and has turned lower since then making new lower lows. The next Fibonacci extension target is at 1.17. GBPUSD remains vulnerable to the downside and bears are in control of the trend as long as price is below yesterday's highs.