GBP/USD analysis: Could trade upwards

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

Yesterday, the GBP/USD exchange rate bounced off the psychological level at 1.3700.

It is likely that the currency pair could gain support from the 55-hour moving average near 1.3680 and extend gains within the following trading session. The pair could target the weekly R2 at 1.3776.

Meanwhile, note that the exchange rate would have to exceed the weekly R1 at 1.3676. If the predetermined resistance holds, the rate could decline to the psychological level at 1.3550 in the short term.

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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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