GBP is testing support 30/1/2023

Positive trading regained control over the movements of the British pound against the US dollar, building on the solid support floor published during the last report at 1.2330.

From a technical point of view, the pound/dollar pair returned to build on the support of 1.2330, accompanied by the continuation of the pair getting a positive incentive from the simple moving averages that support the daily bullish price curve.

From here, with steadfast trading above 1.2330, the bullish bias remains the most favourable during the day, provided that the resistance level of the psychological barrier 1.2400 is breached, targeting 1.2450 as the next target, knowing that its breach enhances the chances of touching 1.2500.

Above 1.2330 is a prerequisite for preserving the bullish bias and breaking it, leading the pair to decline strongly, targeting 1.2230.

Note: Stochastic is trying to eliminate the current negativity, and we may witness some fluctuation until the official trend is obtained.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2350	R1: 1.2450
S2: 1.2300	R2: 1.2510
S3: 1.2265	R3: 1.2570