The Pound is Stable Above Support 14/1/2022

The British pound succeeded in holding out against the US dollar to consolidate its gains, heading to visit the official target required to be achieved during the previous analysis, 1.3750, recording its highest level at 1.3749.

Today’s technical aspect indicates the possibility of continuing the rise, relying on the positive motive coming from the 50-day moving average, which continues to hold the price from below, in addition to the stability of the RSI above the mid-line 50.

Therefore, we maintain our positive outlook during today’s session, noting that the confirmation of the breach of 1.3750 may contribute to consolidating the gains to visit 1.3780 and 1.3820 as initial targets.

The return of stability below 1.3660 will stop the suggested bullish scenario, and we will witness a bearish bias that aims to retest 1.3610 initially.

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

S1: 1.3700	R1: 1.3750
S2: 1.3660	R2: 1.3780
S3: 1.3610	R3: 1.3845