11:44, 24 January
GBPUSD Daily Analysis
The GBPUSD pair continued to trade in a bullish trending channel yesterday and posted modest gains to end at 1.4000, after hitting a high at 1.4027. At present, the daily MACD and RSI indicators are placed sharply heading upwards, along with the stochastic trading in its overbought region, reflects the presence of bullish momentum in the pair. Moreover, the 8H momentum oscillators are trading with a positive showing, further confirming the above stance. Key resistance is placed at the daily upper Bollinger Band (currently placed at 1.4063/65), a break above which might lead to further bullishness in the pair, paving way for the crucial 1.4100 and 1.4150 levels. On the other hand, immediate support is situated at the 1.4002/00 level, followed by the 1.3962/60 and the 2H lower Bollinger Band (currently placed at 1.3932/30). A move back below the latter might reverse the main trend to bearish.