At the end of last week, the GBP/USD exchange rate dropped to the support provided by the 200-hour SMA in the 1.2235 area. During Monday morning, the rate reversed north.

Note that the currency pair faced the resistance area formed by the 55– and 100-hour SMAs, as well the weekly and monthly PPs and Fibo 50.00% in 1.2311/1.2357.

If the given resistance and support hold, it is likely that the British Pound could consolidate against the US Dollar in the short term.

- advertisement -

Otherwise, it is likely that a reversal south could occur in the nearest future, and the exchange rate could decline to the weekly S1 at 1.2161.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.