The GBP/USD price line began to go upward on January 6, 2023. The value of this pair rose almost 5% inside this trend until it reached a significant resistance level; after that, the positive slope of the chart began to decline, and the bullish force is waning. 1.23941 is the price line’s current reading on the GBP/USD price chart, which is slightly below the area of resistance at 1.24000. Due to the numerous responses the price line has had to it, this resistance zone, which is shown as a red box above the price line, is of utmost importance. The trend line that has created the current bullish wave is indicated by the red ascending line. A strong support zone is shown by the green box below the price line, which can serve as the bears’ ultimate objective. With RSI exhibiting negative divergence and MACD having had a bearish cross over, both RSI and MACD are emitting bearish signals.

• There is a resistance level at 1.24000 followed by resistance at 1.24300 and 1.26750
• There is a support level at 1.22650. Below, there is 1.21020 and 1.18500.

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.