GBPUSD Grapple’s With Upside Momentum in a Bid To Recover the 1.3600 Level

GBPUSD Grapple’s With Upside Momentum in a Bid To Recover the 1.3600 Level

GBPUSD Price Analysis – January 10

GBPUSD continues to grapple with upside momentum in a bid to recover the 1.3600 level while the pair underperformed in the prior week as England returned to a March 2020 style lockdown. The UK entered a harsh lockdown to prevent hospitals from collapsing due to the new virus strain.

Key Levels
Resistance Levels: 1.3750, 1.3700, 1.3624
Support Levels: 1.3482, 1.3400, 1.3313
GBPUSD Long term Trend: Bullish
GBPUSD hit fresh highs of 1.3703 in the previous week, maintaining a moderate bullish position on the daily chart. The pair is ranging between its daily moving average of 5 and 13 while restricting the price movement with a narrow path.

Thus, from a technical point of view, the GBPUSD bullish sentiment is maintained as the forecast will be upwards for the resistance level of 1.3800 and above. Nonetheless, a deviation from the 1.3514 will maintain a medium and long-term bearish tone for another decline below 1.1409 in a later cycle.
GBPUSD Short term Trend: Ranging
The GBPUSD pair plunged from the 1.3700 level last week and reached the 1.3532 low level. But since a high has formed, the initial bias is neutral initially this week. On the other hand, a breakout of 1.3624 may aim for a 61.8% trend from 1.1409 to 1.3482 from 1.2675 to 1.3956 next.

In such a scenario, short-term sentiment may stay bullish as long as support level 1.3177 remains intact, in a steeper pullback scenario. Meanwhile, some subsequent sell-offs could leave the GBPUSD vulnerable to further slide beneath 1.3500 towards the 1.3400 congestion zone.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.