GBP/USD analysis: Trades within ascending channel

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

During Friday morning hours, the GBP/USD exchange rate has reversed north from the weekly R1 at 1.3049.

It is likely that some upside potential could prevail in the market, and the currency pair could re-test the upper line of the medium-term ascending channel circa 1.3200.

However, from the theoretical perspective, it is likely that some downside potential could prevail in the market, and the exchange rate could re-test the lower channel line located circa 1.2960.

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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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