GBP/USD Analysis: Aims to pass medium pattern
|GBPUSD
The British Pound passed through the support of the 62.30% Fibonacci retracement level to depreciate against the US Dollar to the 1.2848 mark.
It is expected that the currency exchange rate will break the support of the medium pattern line at the 1.2845 mark to decline towards the weekly S2 at 1.2718. Besides, the 55-hour simple moving average is trying to catch up the rate to give additional resistance to the rate.
On the other hand, the weekly S1 at 1.2831 could push the rate back to the pattern to trade sideways between the 62.30% Fibo and the bottom boundary of the medium pattern line.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.