Forex Pairs Support & Resistance

Examining the GBP/USD on January 12, 2023 through indicator analysis

Analysis of the trend 

The pound-dollar exchange rate may increase from the 1.2144 level (which was the closing of the prior day’s candle) to 1.2214, the 61.8% Fibonacci retracement point (indicated by the red dotted line). If this level is tested, further growth could be seen up to 1.2301, the 76.4% Fibonacci retracement point (indicated by the red dotted line).

A thorough examination:

  • Indicator assessment is positive;
  • Fibonacci levels suggest an increase;
  • Volumes are on the rise;
  • Candlestick analysis is trending upwards;
  • Trend analysis is also indicating a positive direction;
  • Bollinger bands point to an increase;
  • The weekly chart is in an ascending trend.

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In general, it can be said that …

Yesterday’s closing daily candle was 1.2144. If this level is tested, it is possible that the price will rise to 1.2214, which is the 61.8% retracement level (marked by a red dotted line). Should this level be surpassed, there is a chance of further growth to 1.2301, which is the 76.4% retracement level (also marked with a red dotted line).

The cost could increase from yesterday’s closing rate of 1.2144 to the 61.8% retracement mark of 1.2214 (indicated by the red dotted line). If this is tested, then a fall back to 1.2137, the 23.6% retracement level (indicated by the yellow dotted line), is a potential outcome. Afterward, the price may ascend.

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An examination of the trends (Fig. 1).

The euro-dollar pair is possibly set to go up from its closing of 1.0756 from yesterday’s candle to 1.0814, the highest point of the Bollinger indicator (black dotted line). Afterward, a lower shift can be expected to 1.0699, the 8-period EMA (thin blue line).

A thorough assessment:

  • Indicators point upwards;
  • Fibonacci levels reflect an increase;
  • Volumes are increasing;
  • Candlesticks show a positive trend;
  • The trend analysis is also trending up;
  • Bollinger bands demonstrate an upward move;
  • The weekly chart is also displaying an upward motion.

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In summary, it can be said that…

The value could potentially go up from yesterday’s closing of 1.0756 to the top boundary of the Bollinger line (dotted black line) at 1.0814. Afterwards, a possible decrease to the 8-period EMA (thin blue line) of 1.0699 is to be expected.

The cost could go up from the 1.0756 (previous day’s daily candle) to the upper fractal of 1.0773 (yellow dotted line). After that, a decrease could occur to the 1.0658 support (thick red line).

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.