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GBP/USD Tests Weekly PP

Yesterday, the GBP/USD exchange rate tried to surpass the psychological level at 1.2900. During Friday morning, the rate was testing the support level – the weekly PP at 1.2871.

If the give support level holds, it is likely that a reversal north could occur in the nearest future. However, it is unlikely that the currency pair could exceed 1.2920 due to the resistance formed by the 55- and 100-hour SMAs, as well the Fibo 38.20%.

However, if the given support does not hold, it is likely that the British Pound could depreciate against the US Dollar. A possible downside target is the weekly S1 located at the 1.2823 mark.

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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