Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD
The GBP/USD currency exchange rate reached and pierced the resistance of the 200-hour simple moving average at mid-day on Wednesday. Previously, during the morning hours of the day, the rate declined and shortly traded below the support of the 100-hour SMA. Meanwhile, analysts spotted a channel-up pattern on the rate's hourly candle chart.
In the case of a surge, the pair would most likely have to clearly pass the resistance of the weekly simple pivot point and the 200-hour simple moving average at 1.1362. Afterward, the GBP/USD might make an attempt to reach the resistance of the 1.3500 level and the upper trend line of the channel up pattern.
However, a decline of the rate might look for support in the 50 and 100-hour simple moving averages at 1.3430 and 1.3415. Below the SMAs, the lower trend line of the channel pattern might provide support near 1.3400.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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