Intraday Market Analysis – GBP Seeks Support - 19.01.2022

[FXMAG]

The sterling fell back after a slowdown in Britain’s wage growth in November. Sentiment favors the pound after it rallied above the daily resistance at 1.3700.

However, an overbought RSI has cut back buyers’ appetite. A break below 1.3630 has prompted some traders to take profit, driving down the price.

As the RSI dips into the oversold zone, 1.3570 is the next support. A bearish breakout would send the pair to 1.3480 which sits on the 30-day moving average. 1.3660 is the immediate resistance when a rebound takes shape.

https://www.fxmag.com/forex/intraday-market-analysis-gbp-seeks-supp...