Dukascopy Bank Team
Dukascopy Bank SA
In result of the previous trading session the currency exchange rate made a breakout from the rising wedge formation. However, as the southern side was covered by the weekly PP and the 200-hour SMA the pair could not fall below the 1.3400 mark. In a similar manner, a resistance zone located between the 1.3440 and 1.3448 levels did not allow the pair to climb higher as well. Allocation of pending orders as well as recent progress made on tax reform suggests that there is not much interest to acquire the Pound. On the other hand, the rising 55-, 100- and 200-hour SMAs as well as existence of a junior ascending channel are likely to continue elevating the currency rate towards the upper trend-line of a senior descending channel.
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