HomeContributorsTechnical AnalysisGBP/USD Follows Short-Term Descending Trend

GBP/USD Follows Short-Term Descending Trend

Yesterday, the GBP/USD exchange rate declined to the lower boundary of the short-term descending channel at 1.2980. During Wednesday morning, the rate was testing the upper channel line.

From a theoretical point of view, it is likely that a reversal south could occur in the nearest future. In this case the currency pair could gain support of the weekly S1 at 1.2968.

It is unlikely that a breakout south from the given channel could occur in the nearest future due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3038/1.3072 area.

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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