GBP/USD Analysis: supported by weekly S1

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

Yesterday, the GBP/USD exchange rate tried to surpass the resistance provided by the 100-hour SMA. During Wednesday morning, the rate reversed south.

Note that the currency pair is pressured by the 55-hour moving average, currently located at 1.3002. Thus, it is likely that some downside potential could prevail, and the pair could target the monthly S1 at 1.2936.

However, note that the exchange rate could gain support of the weekly S1 at 1.2985. If the given support holds, it is likely that the rate could go upwards within the following trading session.

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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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