Wed, Apr 14, 2021 @ 17:55 GMT
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GBP/USD Tests 200-Hour SMA

Yesterday, the GBP/USD exchange rate raised to the weekly PP at 1.2218. During Tuesday morning, the rate was testing the 200-hour SMA near 1.2270.

If the given moving average holds, it is likely that a reversal south could occur in the nearest future. In this case the rate could target the psychological level at 1.2100.

Meanwhile, note that the currency pair could gain support from the 55– and 100-hour SMAs, as well the Fibo 38.20% in the 1.2165/1.2195 range. If the given support holds, the pair could consolidate in the short term.

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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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