The Pound is trying to Hold Above Support 20/1/2022

Positive trades dominated the pound’s movements against the US dollar after approaching the strong demand area represented at 1.3560, settled at 1.3585.

On the technical side, the pair’s movements returned to the upside, settling above the 1.3610 level, accompanied by the positive signs of the 14-day momentum indicator on the short time frames. Trading stability above 1.3600 may stop the bearish correction published during the previous analysis, and we may witness touching 1.3650, knowing that its breach is a catalyst to visit 1.3700.

Trading below 1.3595 renews the chances of the bearish bias again, opening the door to 1.3565 and 1.3510, respectively.

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

S1: 1.3595	R1: 1.3650
S2: 1.3565	R2: 1.3700
S3: 1.3500	R3: 1.3740