(DAILY NOTION) Reversal on GBP/USD After a Bearish & Breaks Lower, Next Mover: U.S. President-elect Joe Biden's inauguration

Illustration photo of GBP/USD daily chart from Tradingview

GBP/USD is currently trading around 1.3550, attempt to testing the resistance level at 1.3540.

As for today, the GBP/USD pair reflects the U.S. dollar and it is on a tear higher today. The GBP/USD pair formed a reversal pattern and has little or no support.

As for today, there isn't any market-moving economic data scheduled to be released from the U.S. and the UK, so investors will focus on the general market sentiment. After the holiday is over, the market attention moves to the U.S. President-elect Joe Biden's inauguration. One of the major market reaction was President Trump Twitter account suspension, an act that shows the power that social media has.

It is possible to gain additional downward momentum in the short-term in case the right catalysts emerge as the RSI indicator currently at the moderate territory. As reported by Vladimir Zernov, He pointed out that GBP/USD will move towards the next support level at 1.3575 if manage to test and declines below the support level at 1.3540. Successful test at the level of 1.3575 will move GBP/USD to the next resistance level at 1.3625. The pair will continue to head towards the 1.3665 level if manages settles above the 1.3625 level.

Besides that, on the upside, he pointed out that the next resistance level for GBP/USD will be located at 1.3530 or 1.3540. GBP/USD will move towards the resistance level at 1.3575 if manage to above the resistance level at 1.3540.

FOLLOWME GBP/USD Overall Sentiment (As of 04:52 p.m., Jan 12, 2021),

Short - 47.51%

Long - 52.49%

For information please refer to Vladimir Zernov.