GBP/USD Analysis: a recovery is on the way

Dukascopy Bank Team Dukascopy Bank SA

The British currency traded flat against the US Dollar on Friday, due to the absence of market movers. Upside volatility was somewhat limited by the 200-hour SMA, but it is unlikely to prevent the Pound from appreciating further, as the pair is trading within the borders of an ascending channel pattern. Although the channel is not fully confirmed yet, the exchange rate is still expected to rebound within the next two days. Technical indicators are mostly in favour of the given scenario, even though today’s signals are bearish. A successful surge towards the channel’s upper border, however, could only be achieved if the 1.28 major level is retaken this week—a goal the Cable failed to achieve for quite some time now.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2808
2. R2 1.2795
3. R1 1.2785
PP 1.2772
1. S1 1.2762
2. S2 1.2749
3. S3 1.2739

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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