HomeContributorsTechnical AnalysisGBP/USD Squeezed By 55– And 100-Hour SMAs

GBP/USD Squeezed By 55– And 100-Hour SMAs

Yesterday, the GBP/USD exchange rate reversed north from the lower boundary of the medium-term descending channel at 1.2528.

From a theoretical point of view, it is expected, that some upside potential could prevail in the market, as the rate targets the upper channel line. However, note, that the currency pair has to surpass the 100-hour SMA at 1.2597.

If the given resistance holds, a reversal south could occur within the following trading hours. In this case, the pair could be supported by the 55-hour SMA at 1.2555.

If the given resistance does not hold, the rate could target the resistance level formed by the 200-hour SMA and the weekly PP at 1.2644.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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