GBP/USD analysis: Reaches above 1.4000

Dukascopy Bank Team Dukascopy Bank SA

In the aftermath of passing the 1.4000 mark, the GBP/USD found resistance in the 1.4010 level. On Tuesday, a retracement back down was taking place. It was spotted at mid-day that the 1.3950 mark was providing support.

If the 1.3950 provides enough support for a renewal of the surge, the pair should test the 1.4000 mark, the mentioned 1.4010 level and afterwards the 1.4050 level. Note that there is no technical resistance as high as the weekly R3 simple pivot point at 1.4084.

On the other hand, a decline below 1.3950 could reach for the combined support of the 1.3900 level, the 55-hour simple moving average and the weekly R1 simple pivot point.

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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