GBPUSD Analysis 21.01.2019

The Pound fluctuated in a tight range slipping towards the Asian session to see its rebound to its second highest session since the end of December against the Japanese Yen amid a lack of economic data on Monday by the British economy and with the absence of the US market earlier this week due to the celebration holiday Martin Luther King Day in the United States.

At 05:54 GMT, the pair dropped 0.20% to levels of 1.2846 compared to the opening levels at 1.2871 after the pair reached a low of 1.2846 and a high of 1.2876.

Technical Analysis

GBPUSD failed to hold well above 1.2962, to trade with strong negativity and settle below 1.2900, putting the price under negative pressure expected in the coming period, targeting 1.2760 and then 1.2636 mainly.

Therefore, the bearish bias will be likely for today if the price does not push to breached the 1.2962 level and stability above it.

The trading range for today is expected between 1.2760 and 1.2940 support

Support and resistance:

Support: 1.2752-1.2662-1.2586

Resistance: 1.2876-1.2970-1.3105

The general trend for today is bearish