GBPUSD Is Set for a Breakout

Market Analysis – January 30

GBPUSD is set for a breakout as the price action narrows down to a point. Higher lows and lower highs reveal the contention in the market. 

GBPUSD Significant Zones

Demand Zones: 1.190, 1.110, 1.070
Supply Zones: 1.240, 1.310, 1.370

GBPUSD Long-term Trend: Bullish 

The GBPUSD market experienced a market crash all through the previous year. Prominent pullbacks were observed in June and August. The bears shorted the market at the oversold signal of the Williams % R (Williams Percent Range). In 2022, the US dollar will outperform the British pound.

The market dipped into the overbought region at 1.070. The Moving Averages crossed in October to signify the initiation of a bullish trend. A sharp rejection is spotted at the demand level that reveals the will of the bulls to take off. In January, the market launched once again at 1.190, like July. The bearish trendline and the bullish trendline have enclosed the daily candles to foster a breakout. 

GBPUSD Short-term Trend: Bearish 

Since December, the market has gyrated between 1.240 and 1.190. Lower highs and higher lows have assembled between a resistance and a support trendline. The next displacement from the symmetrical triangle would help discern the next market direction.

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