GBPUSD Analysis: Reaches for SMA at 1.2970
|GBPUSD
The GBP/USD is heading lower on Friday. Previously, the rate confirmed the 100-hour simple moving average as resistance and began a decline. The decline of the pair was almost over by the middle of Friday's trading. The reason for that was the fact that the pair was about to meet with the lower trend line of the 200-hour SMA at 1.2970.
After meeting the SMA the rate has two scenarios. It will either bounce off the support and surge back up to the 1.3080 level, where the 100-hour SMA is located at. On the other hand the 200-period SMA might get passed and the 1.2900 level could be reached in that case.
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