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23.01.202619:11 विदेशी मुद्रा विश्लेषण और समीक्षा: GBP/USD. Smart Money. Unexpected Support for the Pound

Relevance up to 11:00 2026-01-24 UTC--5

The GBP/USD pair also reversed in favor of the pound and began a new growth phase this week. In the middle of the week, I said that the bullish impulse faded very quickly, but Thursday and Friday showed that this was not the case. Unfortunately, unlike the EUR/USD pair, no buy signal was formed, so traders could not open new long positions. However, not all is lost, and there is no reason to despair. Friday may end with the formation of a new bullish imbalance, which could later serve as a zone for opening long positions.

Exchange Rates 23.01.2026 analysis

This week, traders reacted to the news background in a very selective and unconventional manner. All decisions by Donald Trump were recorded as a negative for the dollar. However, the positive U.S. GDP report for the third quarter was ignored. Some reports from the UK were also ignored, but on Friday traders quite logically reacted to the business activity indices and retail sales. In my view, the current situation should be considered as a whole. The rise of the British currency could have happened as early as Wednesday, when inflation increased to 3.4% year-on-year, effectively eliminating the possibility of near-term monetary policy easing. Overall, however, the pound gained very strongly this week. In my opinion, this is exactly how things should have unfolded.

Since the bullish trend in the euro remains intact, I believe the bullish trend in the pound also remains intact. I cannot imagine a bullish trend in the euro occurring simultaneously with a bearish trend in the pound. However, there are currently no valid bullish patterns. Today, a new bullish imbalance may be formed, which could allow traders to open long positions next week—but only if today closes no lower than the opening level.

On Friday, traders learned about UK retail sales and business activity in the manufacturing and services sectors. Retail sales volumes increased by 0.4% in December, exceeding market expectations. Business activity indices came in higher than both December readings and forecasts. Thus, at the moment, bulls are attacking quite naturally. It is unfortunate that some other reports from the UK and the U.S. did not receive such a logical market reaction. However, Donald Trump made adjustments to traders' plans this week—and did so in the most favorable way for us.

In the United States, the overall news background remains such that nothing but a decline in the dollar can be expected in the long term. The situation in the U.S. remains quite difficult. The government shutdown lasted a month and a half, and Democrats and Republicans agreed on funding only until the end of January, which is just 10 days away. U.S. labor market data continue to disappoint. The last three FOMC meetings ended with dovish decisions, and recent data suggest that the pause in monetary easing will be short-lived. Trump's military aggression, threats toward Denmark, Mexico, Cuba, and Colombia, and the initiation of criminal proceedings against Jerome Powell perfectly complement the current picture of an "American political crisis." In my view, bulls have everything they need to begin a new offensive and return to last year's highs.

A bearish trend would require a strong and stable positive news background for the dollar, which is difficult to expect under Donald Trump. Moreover, the U.S. president himself does not need a strong dollar, as the trade balance would remain in deficit. Therefore, I still do not believe in a bearish trend for the pound, despite the fairly strong decline in September and October. Too many risk factors continue to weigh heavily on the dollar. What will bears use to push the pound further down if, at present, a bullish trend is actually forming? If new bearish patterns appear, a potential decline in the pound sterling can be reconsidered, but at the moment there are none.

News calendar for the United States and the United Kingdom:

  • United States – Change in Durable Goods Orders (13:30 UTC)

On January 26, the economic calendar contains one entry, which is fairly interesting for traders. The impact of the news background on market sentiment on Monday may be felt in the second half of the day.

GBP/USD forecast and trading advice:

For the pound, the overall picture remains clear; what is lacking are patterns and signals. The bullish offensive has stalled, bears have moved into attack mode, but how long they will have enough strength given the current news background is unclear. I believe not for long.

A resumption of the bullish trend can be expected only from new bullish patterns or after liquidity has been taken from bearish swings. The nearest such swings are currently the lows from December 9 and December 17. As a target for potential growth, I continue to consider the 1.3725 level, but the pound could rise much higher in 2026—especially given the events of the first three weeks of the year. If bearish patterns form, short positions may also be considered, but within a bullish trend, I remain a proponent of buying rather than selling.

*यहां पर लिखा गया बाजार विश्लेषण आपकी जागरूकता बढ़ाने के लिए किया है, लेकिन व्यापार करने के लिए निर्देश देने के लिए नहीं |

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