GBP/USD analysis: Retraces to resistance near 1.3770

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

On Wednesday, the GBP/USD found support at 1.3710 and started a recovery. By the middle of Thursday's trading hours, the GBP/USD had reached the 1.3770 level. From 1.3760 up to 1.3777, the pair faced the resistance of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point.

A passing of the 1.3760/1.3777 zone would leave the pair with no technical resistance as high as the 1.3831 level, where the weekly R1 simple pivot point is located at. However, the 1.3800 level might act as a resistance level.

However, a decline of GBP/USD might look for support in the 1.3710 level first. Afterwards, the weekly S1 simple pivot point at 1.3706 and the 1.3700 could keep the pair up.

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Dukascopy Bank Team

Dukascopy Bank SA

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