GBP consolidating above support 26/1/2023

Positive trades regained control over the movements of the British pound against the US dollar within the bullish context, as we expected, in which we relied on the pair’s ability to consolidate above 1.2350, heading to touch the first target of 1.2400, recording its highest level at 1.2418.

Technically, GBPUSD 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 trading steadily above 1.2330, the bullish bias remains the most favorable during the day, targeting 1.2450 as the next target, knowing that breaching it enhances the chances of touching 1.2500.

As a reminder, trading exceeding 1.2330 is a prerequisite for preserving the bullish bias and breaking it, leading the pair to enter a strong decline, targeting 1.2230.

Note: Today, we are awaiting high-impact economic data issued by the US economy, The estimated reading of the quarterly GDP, and we may witness a high fluctuation.

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: 1.2230	R1: 1.2450
S2: 1.2230	R2: 1.2500
S3: 1.2180	R3: 1.2585