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GBP/USD Analysis: Could Trade Sideways

Yesterday, the GBP/USD exchange rate jumped to the resistance level formed by the weekly R1 at 1.2923.

It is likely that the currency pair could gain support from the monthly S2 at 1.2835 and re-test the upper line of the medium-term descending channel circa 1.2950. If the given channel holds, a reversal south could follow.

In the meantime, if the predetermined resistance and support levels hold, it is likely that the exchange rate could trade sideways within the following trading session.

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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