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Jan 24 - 08:55 AM

GBP/USD - COMMENT-Still Sterling's Month And Big Targets In Sight

By Peter Stoneham  —  Jan 24 - 07:15 AM

There is still a week of January left but sterling might have enough in the tank to complete a fourth straight month of gains versus the dollar despite a poor start to this week.

Technically, big upside targets present themselves if the pound can close out the month above 1.2091, the opening level for January.

A 61.8% Fibonacci retracement taken off the 1.4233 to 1.0327 May 2021-September 2022 drop is at 1.2741.
The monthly Ichimoku cloud base is at 1.2715 and a March Ichimoku cloud twist has 1.2895-1.3036 parameters.
Cloud twists can appear to attract price action.

The long-term bull trend kicked off with a monthly hammer candlestick signal for September 2022, which was confirmed by a bullish October.
The key 50% Fibonacci level taken off the drop from May 2021 was cleared in December and if the 76.4% retracement, 1.3311, is bettered, a full recovery to 1.4233 would be the ultimate bull target.

Sterling is controlling the longer-term charts for now but needs a bull close for January to keep the trend alive.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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