GBP/USD analysis: Remains near 1.4100

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The GBP/USD currency exchange rate managed to pierce the resistance zone of the 1.4105/1.4110 zone. However, the pair immediately found resistance in the 1.4120 level. In the meantime, on Monday, the currency rate was ignoring the 1.4100 mark, the 100-hour simple moving average and the weekly simple pivot point at 1.4091.

If the pair breaks the resistance levels from 1.4105 to 1.4120, the GBP/USD could reach for the May high near 1.4160. Above it, resistance could be provided by the 1.4181 level, where the weekly R1 simple pivot point was located at.

On the other hand, a potential decline would most likely look for support in the 55-hour SMA near 1.4070. Afterwards, the rate could look for support in the 200-hour simple moving average near 1.4035.

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Dukascopy Bank Team

Dukascopy Bank SA

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