HomeContributorsTechnical AnalysisGBP/USD Tests Medium-Term Channel

GBP/USD Tests Medium-Term Channel

Yesterday, the GPB/USD exchange rate tried to surpass the resistance formed by the 55– and 100-hour SMAs. During Tuesday morning, the rate declined to the lower boundary of the medium-term ascending channel.

From a theoretical point of view, it is likely that a reversal north could occur in the nearest future. In this case the currency pair could re-test the given resistance.

However, note that the exchange rate could is pressured by the 200-hour moving average. Thus, the British Pound could depreciate against the US Dollar in the short run. A possible downside target is the weekly S1 at 1.2968.

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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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