GBP/USD analysis: Reaches September low levels

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

On Friday morning, the GBP/USD currency pair reached the zone of the September and October low levels at 1.3413/1.3433.

A passing of the support zone at 1.3413/1.3433 would leave the pair with no close-by technical support on the hourly candle chart. The pair could look for support in round exchange rate levels as the 1.3400 and 1.3350. However, take into account that at the start of next week new weekly pivot points will impact the pair. Namely, support levels could be placed in the range from 1.3400 to 1.3350.

Meanwhile, a recovery of the rate might find resistance in the weekly S3 simple pivot point at 1.3466. Higher above, the rate could encounter the weekly S2 simple pivot point at 1.3567, which could be strengthened by the 50-hour simple moving average.

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Dukascopy Bank Team

Dukascopy Bank SA

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