GBPUSD Analysis 15.01.2019

The British pound rose during the US session to its highest since November 15 against the US dollar amid a lack of economic data earlier this week by the British economy and the US economy, the largest economy in the world in conjunction with the entry of partial closure of the US government in For the fourth week in a row and waiting for the results of the British Parliament vote on Tuesday on the agreement to leave Britain from the European Union.

Technical Analysis

The GBPUSD traded strongly yesterday to reach the awaited main target at 1.2962, and we note that the price has breached the important resistance shown in the chart above, which signals the direction of the price for further gains in the coming period. The rising wave extends towards 1.3070 as a next stop.

The upside path supports the intersection between SMA 7 and SMA 50 near the 1.2779 support level. Stochastic is trading near the side oversold area and if it is able to enter it, we will see further upside

Therefore, the bullish trend will remain bullish for the coming period provided stability remains above 1.2790.

The trading range for today is expected among the 1.2800 support and 1.3000 resistance

Support and resistance:

Support: 1.2779-1.2713-1.2638

Resistance: 1.2876-1.2961-1.2996

The general trend for today is bullish