GBPUSD Analysis: Falls but then returns to 1.3585

Dukascopy Bank Team Dukascopy Bank SA

The British Pound is continuing to slowly advance against the Dollar in a one-month long ascending channel.
New trading session the cable started above the combination of the weekly PP, the 55- and 100-hour SMAs, which are expected to provide support for further surge.
Accordingly, the weekly goal for the pair should be an area located between the psychological 1.3600 level and het monthly R1 at 1.3615.
However, it should be noticed that for the past three days the currency rate could not climb above the 1.3585 level, which might lead to a premature breakout from pattern especially in case of high volatility, such as on Friday.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3657
2. R2 1.3622
3. R1 1.3594
PP 1.3558
1. S1 1.353
2. S2 1.3495
3. S3 1.3467

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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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