GBP/USD Pushed Higher to the Upside, Gold and Silver Gaining
Above the 1.2350 resistance, the GBP/USD pair began to rise once more.
On the 4-hours chart, a converging bullish trend line is developing with support close to 1.2340.
The USD/EUR exchange rate continued to rise over resistance at 1.0880.
In January 2022, the US Manufacturing PMI could drop from 46.2 to 46.1.
Technical Analysis of GBP/USD
In relation to the US Dollar, the British pounds began a significant climb over the 1.2200 resistance. Even breaking through the 1.2320 mark, GBP/USD now trades in the green.
The pair has successfully consolidated above the 1.2350 level, the 100 simple moving average (4-hours, red), and the 200 simple moving average, according to the 4-hours chart.
Even after breaking through the 1.2400 resistance, the pair challenged the 1.2450 region. An early obstacle on the upswing is located close to the 1.2400 level. Near 1.2450 may serve as the next significant obstacle. A definite rise above the 1.2450 resistance might signal the beginning of a steady ascent toward the 1.2550 barrier region.
Any further advances might pave the way for a move in the direction of the 1.2700 level. The pair’s next significant obstacle is located close to 1.2800; if it is cleared, the 1.3000 resistance area may be reached.
Economic News To Trade Today
US Services PMI for Jan 2022 (Preliminary) – Forecast 44.5, versus 44.7 previous. US Manufacturing PMI for Jan 2022 (Preliminary) – Forecast 46.1, versus 46.2 previous
Author: Amogo Solomon
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