GBP/USD: Pair Could Test Resistance
| Jan 14, 2022 07:23AM ET
Looking at the GBP/USD weekly chart, we can see its steady climb from the 1.3525 support level on Jan. 8, retracting ever so slightly, recovering and consolidating along the way.
Resistance was found at the 1.364 price range early on Jan. 9, but it was able to overcome it and breakout well into the 1.37 range, reaching as high as 1.375. It was last found trading at 1.372 with 1.375 as overhead resistance and 1.364 as the closest support level.
Today, we could expect a continuation of the pattern and another slow climb above the 1.375 temporary overhead resistance level. If however, it doesn’t manage to hold on to the current level and consolidate, then we could expect a move towards the 1.364 closest support level.
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