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Technical Analysis

GBPUSD is trading near an 11-week high

14-Jan-2022 16:08:25

Today, the GBPUSD pair is trading in the range of $1.3705-40 - about an 11-week high. On the hourly chart, the pair remains above the moving average line MA (200) H1 ($1.3600) and on the four-hour chart - above MA (200) H4 ($1.3395). In this situation, the scenario of further growth of the GBP/USD pair is likely and finding a buy position may be a wise decision.

However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the level of 70, which signals a possible change in the direction of price movement.

* Resistance levels are: $1.3750, $1.3805, $1.3835
* Support levels are: $1.3700, $1.3600-20, $1.3560

The main scenario for the pair's promotion — the resistance breakout is $1.3750 (January 13 high) and there may be an increase to $1.3805 (October 29 high)

An alternative scenario — The breakout support is $1.3700 (November 4 high and January 13 low) and there may be a decline to $1.3600-20 (January 12 low, MA (200) H1).

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