GBP/USD Analysis: remains above 1.2200
|GBP/USD
Yesterday, the GBP/USD exchange rate traded sideways around the weekly S1 at 1.2228. During Thursday morning, the rate was testing the resistance level formed by the 100– and 200-hour SMAs, as well the monthly PP at 1.2228.
If the given resistance level holds, it is likely that some downside potential could prevail in the market in the short run. In this case the currency pair could gain support of the 55-hour SMA at 1.2230.
If the given support holds, it is likely that the British Pound could consolidate against the US Dollar within the following trading session. Otherwise, the exchange rate could re-test the psychological level at 1.2200.
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.