GBPUSD Analysis: Moves above major resistance

Dukascopy Bank Team Dukascopy Bank SA

GBPUSD

GBP/USD stood at a standstill on Wednesday, as no significant price changes occurred throughout the day. Instead, the pair was fluctuating in a range between 1.3460 and 1.3520. The former is a major support level which has worked effectively at halting a fall below it during the last five months.

This lack of direction shifted late in the session when the Pound dashed through the strong resistance of the 55-, 100– and 200-hour SMAs near 1.3530. It is likely that this cluster provides a good stepping stone for further appreciation.

Technical indicators demonstrate that there is still some upside potential, so the rate is expected to move past the two-week descending channel and towards the senior pattern circa 1.3650.

In terms of the daily low, the Sterling is unlikely to breach the 1.3450 mark.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3588
2. R2 1.3555
3. R1 1.3521
PP 1.3488
1. S1 1.3454
2. S2 1.3422
3. S3 1.3388

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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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