The British pound Retesting Support 11/1/2022

The technical outlook is unchanged, and the movements of the British pound did not change significantly, maintaining the positive stability after it succeeded in retesting the support of the ascending price channel.

On the technical side today, and carefully looking at the 4-hour chart, we notice the pair’s attempts to stabilize above the 1.3570 resistance level represented by the 61.80% Fibonacci correction, accompanied by the positive motive for the 50-day moving average.

We may witness a bullish bias during today’s session, but with caution, targeting 1.3615 first target, knowing that breaching the mentioned level can consolidate the pound’s gains towards 1.3640.

The return of trading stability below the minor support level 1.3550 will postpone the chances of rising, and we may witness a retest of 1.3500 and 1.3470 before attempts to rise again.

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

S1: 1.3540	R1: 1.3615
S2: 1.3500	R2: 1.3640
S3: 1.3470	R3: 1.3680