GBP/USD analysis: Could go downwards

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

Yesterday, the GBP/USD exchange rate failed to exceed the monthly PP at 1.3028. During Thursday morning, the rate reversed south.

It is likely that some downside potential could prevail in the market in the nearest future, as the currency pair is pressured by the 55– and 100-hour SMAs in the 1.3000 area.

In the meantime, note that the pair could gain support from the weekly S1 at 1.2913. If the given level holds, the rate could trade sideways within the following trading session.

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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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