GBP/USD analysis for January 29, 2019 - ConsultFX

GBP/USD analysis for January 29, 2019


Recently, GBP/USD has been trading sideways at the price of 1.3160. GBP/USD is still trading inside the upward Pitchfork channel, which is a sign that buyers are in control. There is a potential end of the downward correction (running flat) which will open the way for a new wave up. The overall trend is still bullish and I would advice you to watch for a bullish breakout. The key resistance level is set at the price of 1.3220, while the key support is 1.3050. I have also found a breakout of the supply trendline, which is a sign that we may see an expansion in the price very soon.

Trading recommendations for today: We are long GBP/USD at 1.3140 with the targets at 1.3220-1.3270. Protective stop is placed at the price of 1.3050.

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