GBP/USD

Yesterday, the GBP/USD exchange rate jumped to the resistance formed by the weekly PP and the 200-hour SMA near 1.2400. During Wednesday morning, the rate was testing the given resistance.

From a theoretical perspective, it is likely that the currency pair could reverse south from the upper line of the medium-term descending channel circa 1.2400.

Note that the exchange rate could gain support from the 55-hour SMA near 1.2334. If the predetermined support holds, it is likely that the rate could consolidate.

GBPUSD

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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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