GBP/USD Analysis: Rebounds from monthly PP

Dukascopy Bank Team Dukascopy Bank SA

In first half of yesterday’s trading session the currency rate reached support level formed by the bottom trend-line of a junior descending channel and monthly PP at 1.3458. However, the subsequent release of the ECB Minutes and the US PPI weakened the Dollar and elevated the rate back to the weekly PP. As the 55-, 100- and 200-hour SMAs turned into support, until release of the American macroeconomic data the British Pound most probably will continue paving path to the north. In this regard, a number of technical indicators suggest that closest resistance levels are located at 1.3585 and 1.3606. However, if assumption about existence of a two-weak long descending channel is correct, the pair should not surge above the 1.3560 mark.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3672
2. R2 1.3614
3. R1 1.3575
PP 1.3516
1. S1 1.3477
2. S2 1.3419
3. S3 1.338

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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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