GBP/USD Analysis: erases previous gains

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.

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Dukascopy Bank Team

Dukascopy Bank SA

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