HomeContributorsTechnical AnalysisGBP/USD Pressured By 55- And 200 Hour SMAS

GBP/USD Pressured By 55- And 200 Hour SMAS

Yesterday, the GBP/USD exchange rate consolidated in the 1.2250 area. During Thursday morning, the rate re-tested the support level—the Fibo 38.20% at 1.2190.

Note that the currency pair is pressured by the 55– and 200-hour SMAs near 1.2240. Thus, some downside potential could prevail, and the pair could decline below 1.2160.

However, if the given support level holds, it is likely that the British Pound could consolidate against the US Dollar in the short run.

Also, it is unlikely that bulls could prevail, and the rate could exceed the monthly S1 at 1.2292.

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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