The GBPUSD tests the key support - Analysis - 25-01-2023

The GBPUSD pair provided more negative trades to break the intraday bullish channel’s support line and test the critical support 1.2320, noticing that the price consolidates above this support until now, accompanied by witnessing positive signals through stochastic, which supports the chances of resuming the bullish trend that its targets begin by breaching 1.2440 to open the way to head towards 1.2590.

On the other hand, we should note that breaking 1.2320 will put the price under additional negative pressure that targets 1.2160 areas initially.

The expected trading range for today is between 1.2250 support and 1.2420 resistance.

The expected trend for today: Bullish