GBPUSD resumes rising – Analysis - 23-01-2017

The GBPUSD pair managed to end last week above 1.2339 level, to keep the bullish momentum valid on the intraday basis, noticing that the price begins today with clear bullish bias to move away from the mentioned level, as it breaches 1.2400 barrier to head towards our main waited target at 1.2550.

Therefore, we believe that the way is open to continue rising in the upcoming sessions, supported by the EMA50 that carries the price from below, noting that the continuation of the expected bullish trend depends on the stability above 1.2339 and the most important above 1.2210.

Expected trading range for today is between 1.2339 support and 1.2550 resistance.

Expected trend for today: Bullish