GBP/USD analysis: To re-test weekly R2
Yesterday, the GBP/USD exchange rate reversed south from the resistance level—the weekly R2 at 1.3402.
It is likely that some upside potential could prevail in the market due to the support area formed by the 55– and 100-hour SMAs, as well the weekly R1 in the 1.3290/1.3344 range.
GBP/USD slips back into negative territory, but keeps head above 1.3300 for now
Amid a broad pick up in the US dollar in recent trade, GBP/USD has slipped back from earlier 1.3380 highs into negative territory on the day in recent trade, with the pair currently trading around just under 10 pips or 0.06% lower on the day just above the 1.3300 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.