Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD
On Tuesday, the GBP/USD exchange rate tumbled to the support level formed by the weekly PP at 1.2669.
If the given support level holds, it is likely, that the rate could reverse north in the nearest future. Potential upside target remains to be the resistance level at the 1.2760 mark. However, note, that the currency pair has to surpass the 55– and 100-hour SMAs, located circa 1.2720.
From a technical perspective, it is unlikely, that bears could prevail in the market, as the pair is supported by the 200-hour SMA at 1.2653. Thus, the rate could trade sideways, trying to surpass the given support.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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