The GBPUSD reaches the extended target - Analysis - 19-01-2023

The GBPUSD pair rallied upwards strongly yesterday to reach few pips away from our extended target at 1.2440, and found solid resistance there to show some bearish bias and head towards potential test to the intraday bullish channel’s support line that appears on the chart, waiting to resume the bullish wave that its targets begin by surpassing the mentioned level to head towards 1.2590 as a next positive station.

Therefore, we will continue to suggest the bullish trend for the upcoming period unless breaking 1.2250 and holding below it.

The expected trading range for today is between 1.2260 support and 1.2440 resistance.

The expected trend for today: Bullish