Technical analysis of GBP/USD 01/25/2022
The GBP/USD currency pair on the (4H) chart is in a downward movement as part of the development of the “Head and Shoulders” pattern.
At the moment, the pair has failed to consolidate below the support level of 1.3460 (50% Fibo), (MA200) and is currently trading around 1.3480.
The figure’s working out projection is at the level of 1.3400 and coincides with (61.8% Fibo).
The nearest resistance is the level of 1.3500.
Cancellation of the option of fully working out the “Head and Shoulders” pattern with the target of 1.3400 will be the growth of the pair above the “right shoulder” the level of 1.3650.
Created by Joshua Hayn