Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD
Yesterday, the GBP/USD exchange rate traded sideways in the 1.2320/1.2380 area. During Wednesday morning, the rate continued to consolidate in the given range.
Given that the currency pair is supported by the 55– and 100-hour SMAs, currently located circa 1.2340, it is likely that bulls could prevail in the market. The pair could reach the upper boundary of the short-term ascending channel located circa 1.2420.
However, if the psychological level at 1.2380 holds, it is likely that the British Pound could continue to consolidate against the Greenback in the short run. It is unlikely that the rate could drop lower than 1.2314 due to the support level—the monthly R1.
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.
Recommended Content
Editors’ Picks
EUR/USD rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD holds above 1.2350 after UK PMIs
GBP/USD clings to modest daily gains above 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.