Dukascopy Bank Team
Dukascopy Bank SA
The Sterling spent the first half of Wednesday’s trading session with no significant changes against the US Dollar due to the support of the 55-hour SMA. Subsequently, bulls managed to push the rate towards the weekly R2 at 1.3932; however, these gains had already been lost by Thursday morning.
It seems that the bullish sentiment that guided the Pound last week has allayed. This assumption could point to soon prevalence of bears. Thus, it is likely that the pair continues pushing lower in this session. This attempt could be hindered by the 55– and 100-hour SMAs circa 1.3775. Even if this area is not breached, the Pound should not surpass the monthly R3 which is located at 1.3864.
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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