The price line on GBPUSD price chart, started going through a bullish wave on 6th of January 2022. While making this ascending move a bullish trend line was formed on the chart, backing up the price line; this trend line is reflected as a red line below the price line. GBPUSD price is currently approaching a strong static resistance zone. RSI is issuing negative divergence signal and a bearish wave looks to be close. Traders should keep a sharp eye on the chart and in witnessing any bearish trigger, they can enter short positions heading to the support zones mentioned below.
• There is a resistance level at 1.23000 followed by resistance at 1.23550 and 1.24550.
• There is a support level at 1.21000. Below, there is 1.20170 and 1.18770.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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