GBP/USD analysis: Trades between SMAs
The GBP/USD traded on Monday in the 1.3300/1.3350 range. In the meantime, the pair was being influenced by the resistance and support of the hourly simple moving averages. Namely, the 55 and 100-hour SMAs were providing resistance, as the 200-hour SMA provided support.
In the near term future, if the pair passes the resistance of the 55 and 100-hour SMAs, the GBP/USD would once again test the resistance zone from 1.3380 to 1.3400.
GBP/USD prints daily highs above 1.3380 as US dollar slumps
GBP/USD has moved back towards the top of its recent 1.3300-1.3400 range, buoyed by broad USD weakness that has seen the Dollar Index (DXY) slump to fresh lows of the year in the 91.50s. GBP/USD currently trades in the 1.3370s, up around 70 pips higher or with gains of over 0.5%.
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