GBP/USD analysis: Reaches 1.3800 level

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The decline of the GBP/USD has reached the 1.3800 level, which provided support for a retracement back up to the 1.3840 level. During the early hours of Thursday's trading, the pair fluctuated between the mentioned levels.

In the near term future, the rate could either trade sideways between the mentioned levels or make a move up or down.

If the GBP/USD surges, it would have to face the resistance of the 1.3840 level and the 55-hour simple moving average. In the case of these resistance levels failing, the pair would aim at the combined resistance of the 100-hour simple moving average, the 1.3800 level, and the upper trend line of the channel down pattern.

On the other hand, a potential decline would find support in the 1.3800 marks, the June low levels in the 1.3787/1.3795 zone, and the weekly S1 simple pivot point at 1.3782.

Author

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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