GBP/USD Analysis: Supported by 55-, 100– and 200-hour SMAs


During Monday's session, the GBP/USD exchange rate re-tested the upper boundary of the falling wedge pattern at 1.3115.  

From a technical perspective, it is unlikely, that the rate could trade down in the short run, as it is supported by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3081/1.3091 range.  

It is likely, that the currency pair trades sideways, trying to surpass the given support cluster. 

However, if the given support does not hold, the pair might target the psychological level at 1.3060.





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