The Pound Continues to Rise Against The Dollar 13/1/2022

The pound sterling extended its gains against the US dollar, bypassing the official target station during the last report at 1.3700, recording its highest level around 1.3720.

On the technical side today, we find the 14-day momentum indicator continues to defend the bullish trend, accompanied by the price stability above the simple moving averages, in addition to the stability of trading above 1.3650.

There is a possibility to continue achieving gains, knowing that the breach of 1.3720 is a prerequisite for a visit 1.3750, and then 1.3780.

Note: Stochastic is trading around overbought areas, which might cause intraday negative trades before rising again.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1.3650	R1: 1.3750
S2: 1.3585	R2: 1.3780
S3: 1.3550	R3: 1.3845