GBP/USD analysis: Tests support area
|GBP/USD
Yesterday, the GBP/USD exchange rate tried to surpass the 1.2340 level. During Friday morning, the rate was testing the support formed by the 55-hour SMA, the weekly R1 and the monthly S1 in the 1.2290 area.
If the given support holds, it is likely that a reversal north could occur in the nearest future. Note that the nearest support, formed by the weekly R2 and the Fibo 50.00%, is located in the 1.2400 area.
However, if the currency pair fails to exceed the 1.2340 level, it is likely that the British Pound could consolidate against the US Dollar within the following trading session.
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.