GBP/USD Analysis: pressured by 200-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

During the previous trading session, the GBP/USD exchange rate tried to surpass the resistance level—the weekly PP at 1.2090. During Thursday morning, the rate was testing the given level.

Note, that the currency pair is pressured by the 200-hour moving average, currently located at 1.2110. Thus, it is unlikely, that the pair could extend gains in the short run.

It is likely, that a reversal south could occur within the following trading sessions. Note, that the rate could get the support of the 55– and 100-hour moving averages, currently located circa 1.2067.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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