Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD
Yesterday, the GBP/USD exchange rate tested the resistance formed by the 55– and 200-hour SMAs near 1.2240. During Friday morning, the rate declined to the 1.2180.
Note that the currency pair is pressured by the 100-hour SMA near 1.2230 as well. Thus, some downside potential could prevail in the market, and the pair could target the 1.2080/1.2120 area.
On the other hand, the British Pound could consolidate against the US Dollar in the short term, as the rate could continue to test the given resistance.
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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