GBP maintains positive stability 18/1/2023

Positive trades dominated the movement of the British pound against the US dollar within the expected positive outlook, surpassing the first target of 1.2265, recording its highest level around the resistance of the psychological barrier of 1.2300.

Technically, we tend to be positive, relying on the positive impulse from the simple moving averages that support the daily bullish price curve and the pair’s consolidation above the support of the psychological barrier 1.2200.

Therefore, the bullish scenario may remain the most favourable during the day, completing the success of the rest of the targets of the last analysis 1.2330, noting that its breach is a catalyst that increases and accelerates the strength of the bullish trend, to be waiting for 1.2385 as long as trading is stable above 1.2195, which is the key to protecting the bullish daily trend.

Note: High-impact data are due today, UK Annual Consumer Prices, US Retail Sales and US Producer Prices and may cause some volatility.

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: 1.2195	R1: 1.2330
S2: 1.2120	R2: 1.2385
S3: 1.2065	R3: 1.2465