GBP/USD analysis: Revealed ascending channel

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

Yesterday, the GBP/USD exchange rate revealed a medium-term ascending channel. During Wednesday morning, the rate reversed north from the lower channel line.

From a theoretical point of view, it is likely that some upside potential could prevail in the market in the nearest future.

In the meantime, note that the currency pair would have to exceed the resistance area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3070/1.3090 area.

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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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