GBP/USD analysis 28.01.2022

The pound sterling against the dollar was able to touch our awaited target at 1.3400 and settle around it, and is moving within a descending channel that supports the chances of continuing the decline in the upcoming period, heading towards targeting 1.3310 areas in the near term.

The positivity of the stochastic indicator might push the price to achieve some temporary intraday gains and test the 1.3460 level before resuming the expected bearish trend, noting that breaching this level will stop the current negative pressure and lead the price to turn to the upside.

The expected trading range for today is between 1.3310 support and 1.3470 resistance.

The forecast general trend for today: Bearish

Author: GC
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