GBP/USD technical analysis: Flag consolidation pattern still holding

GBP/USD trades 0.19% higher on the session at 1.2878.
There is a flag consoldation pattern and cable is mid range.

Rajan Dhall, MSTA FX Daily

GBP/USD 4-Hour Chart

Cable has been in a consolidation phase ever since Boris Johnson and the EU announced a deal had been agreed between the pair.

Now it seems that the pair is looking for more information or a decisive USD move to break from the consolidation pattern.

The red lines on the chart below represent the chart pattern, while the black lines are support and resistance levels.

The complete low of the whole pattern is 1.2768 and if this breaks it would be a pretty bearish scenario.

On the topside the main 1.30 psychological resistance has been a tough nut to crack.

For now, watch out for a test of 1.29 as some USD weakness has entered the market.

GBP/USD Daily Chart Flag Pattern

Additional Levels

GBP/USD

Overview
Today last price	1.2878
Today Daily Change	0.0025
Today Daily Change %	0.19
Today daily open	1.2853

Trends
Daily SMA20	1.2878
Daily SMA50	1.2598
Daily SMA100	1.2457
Daily SMA200	1.2703

Levels
Previous Daily High	1.2865
Previous Daily Low	1.2821
Previous Weekly High	1.2943
Previous Weekly Low	1.2769
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2848
Daily Fibonacci 61.8%	1.2838
Daily Pivot Point S1	1.2828
Daily Pivot Point S2	1.2803
Daily Pivot Point S3	1.2784
Daily Pivot Point R1	1.2871
Daily Pivot Point R2	1.289
Daily Pivot Point R3	1.2915

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.