HomeContributorsTechnical AnalysisGBP/USD Could Go Upwards

GBP/USD Could Go Upwards

Yesterday, the GBP/USD exchange rate reversed north from the lower boundary of the medium-term ascending channel at 1.2895. During Thursday morning, the rate was trading at the 1.2940 mark.

From a theoretical point of view, it is likely that the currency pair could continue to extend gains in the short run. Note that that the pair would have to surpass the resistance level formed by the weekly R1 at 1.2956.

However, if the given resistance holds, the exchange rate could trade sideways, supported by the 55– and 100-hour SMAs at 1.2927. Also, it is unlikely that some downside potential could prevail, and the rate could drop lower than the 200-hour SMA at 1.2888.

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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