January 11, 2022

GBP/USD Still Depends At $ 1.3600 High

 If we observe the price movement on the chart of the GBP/USD currency pair, the price is still moving in a bullish trend.

The price increase displayed until last week was limited to the resistance level of 1.36000 which is the highest zone reached by the price since November.

The decline was seen yesterday from the 1.36000 zone before making a 70 pips decline in the European session to continue into the beginning of the New York session.

After dropping to the level around 1.35300, the price rose again at the end of the session heading back to the resistance zone of 1.36000 continuing the Asian market session this morning (Tuesday).

The pound is expected to await the release of the UK economic growth report over the weekend for a more attractive price reaction.

Meanwhile, the focus will be on Jerom Powell's speech today as well as the United States (US) inflation data report on Wednesday.

If the price makes a higher rise past the resistance zone of 1.36000, the price will record the latest 10 -week high.

The target for a higher rise is seen at the level around 1.36500 which was previously seen as the SBR (support become resistance) zone in trading at the end of last year.

However, if the 1.36000 zone still fails to be broken and the price plummets again, a change in the bearish trend of the price may begin.

The price support level is seen at 1.35000 which managed to support the price increase last week.

The continued decline will lead to the focus level at 1.34000 and the SBR (support become resistance) zone around 1.33500.