GBP/USD analysis: Reaches 1.3800 mark

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The GBP/USD currency exchange rate broke the resistance of the weekly simple pivot point, the 200-hour simple moving average and the resistance zone of the recent April high levels. It resulted in the rate testing the resistance of the 1.3800 mark.

On Wednesday, the rate had bounced off the 1.3800 level and was heading to the support of the 55 and 100-hour simple moving averages. Note that the 200-hour SMA and the weekly simple pivot point did not provide support for longer than one hour.

If the 55 and 100-hour SMAs provide support, the rate could once again test the resistance of the 1.3800 level. If the 1.3800 level would be passed, the rate could reach for the weekly R1 simple pivot point at 1.3861.

On the other hand, a failure of the SMAs could result in the rate looking for support in the 1.3720 level and afterward the April and March low levels at 1.3675.

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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