FX.co ★ Technical analysis of GBP/USD for January 04, 2022

The GBP/USD pair will continue to rise from the level of 1.3405. The support is found at the level of 1.3405, which represents the 61.8% Fibonacci retracement level in the H1 time frame.

The price is likely to form a double bottom. Today, the major support is seen at 1.3405, while immediate resistance is seen at 1.3549.

Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.3500.

So, buy above the level of 1.3466 with the first target at 1.3549 in order to test the daily resistance 1 and move further to 1.3600.

Also, the level of 1.3600 is a good place to take profit because it will form a double top.

Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.3466 to 1.3549 today.

Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.3466, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.3466 and 1.3600.

At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.3466, a further decline to 1.3405 can occur, which would indicate a bearish market.