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Technical Analysis of the GBP/USD Currency Pair on 04/01/2024 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.089294
• Second Key support level of EUR/USD: 1.072181
• Third Key support level of EUR/USD: 1.051509
• First key resistance level of EUR/USD: 1.09657
• Second Key resistance level of EUR/USD: 1.100965
• Third Key resistance level of EUR/USD: 1.1092

• First key support level of USD/CHF: 0.848341
• Second Key support level of USD/CHF: 0.844829
• Third Key support level of USD/CHF: 0.841135
• First key resistance level of USD/CHF: 0.855398
• Second Key resistance level of USD/CHF: 0.86
• Third Key resistance level of USD/CHF: 0.867825

• First key support level of GBP/USD: 1.266848
• Second Key support level of GBP/USD: 1.262756
• Third Key support level of GBP/USD: 1.252557
• First key resistance level of GBP/USD: 1.27246
• Second Key resistance level of GBP/USD: 1.276
• Third Key resistance level of GBP/USD: 1.28

• First key support level of USD/JPY: 143.826779
• Second Key support level of USD/JPY: 142.86367
• Third Key support level of USD/JPY: 141.008652
• First key resistance level of USD/JPY: 144.859963
• Second Key resistance level of USD/JPY: 146.026742
• Third Key resistance level of USD/JPY: 148.695993

 

Technical Analysis of the GBP/USD Currency Pair on 04/01/2024.

 

As mentioned in the previous GBP/USD currency pair analysis dated 12.14.2023, the price was predicted to rise. That prediction proved correct as the buyers reached the resistance level of 1.28000.

On a monthly timeframe, there doesn’t seem to be any apparent reason for the recent drop in the price of this currency pair. In fact, there is a possibility of further price increases in the upcoming candlesticks. If the buyers can push the price up, their next target would be the resistance level of 1.31000.

The buyers attempted to breach the resistance level 1.27246 as the short-term trend was upward. The mentioned resistance level is crucial. If it is broken, it will encourage more buyers to continue the upward trend and reach the previous high of 1.28000. (Breaking the critical resistance level of 1.27246 is the first bullish warning to continue the bullish trend)

If we consider the recent candlestick patterns of Spinning Tops and Shooting Star formation in the weekly timeframe, there is a possibility for a price drop. In such a scenario, the price may create a price ceiling and continue to decrease. A warning is now considered more important this time. It may be possible to break the support level of 1.26175.

 

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