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GBP/USD Tested 200-Hour Sma

Yesterday, the GBP/USD exchange rate declined to the weekly PP at 1.2997. During Tuesday morning, the rate reversed north from the 200-hour SMA near 1.2970.

Note that the currency pair faced the resistance provided by the 55-hour SMA near 1.3020. If the given resistance holds, it is likely that a reversal south could occur. In this case the pair could re-test the 200-hour SMA.

On the other hand, the exchange rate could gain support of the 100-hour SMA and trade upwards in the nearest future. In this case the rate could target the 1.3080 level.

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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