GBP/USD analysis: Is between smas

Dukascopy Bank Team Dukascopy Bank SA

On Friday, the GBP/USD currency exchange rate began to trade sideways between the support of the 200-hour simple moving average at 1.3855 and the resistance of the 55-hour SMA at 1.3893.

In the case of the rate breaking out of the squeeze to the downside, the rate would most likely look for support first in the 1.3800 level and afterwards the weekly simple pivot point at 1.3786. Below these levels, only the 1.3750 level could provide support.

On the other hand, a potential surge would immediately find resistance in the weekly R1 simple pivot point and the 1.3900 level. Above them, the 100-hour SMA could provide resistance near 1.3925.

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Dukascopy Bank Team

Dukascopy Bank SA

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