HomeContributorsTechnical AnalysisGBPUSD Analysis: Returns To 1.39

GBPUSD Analysis: Returns To 1.39

Despite some minor fluctuations during the previous 24 hours, the GBP/USD exchange rate returned at the same price level as on Wednesday morning slightly below the 1.39 mark. The first part of yesterday was dominated by bears which unsuccessfully tried to surpass a support cluster formed by the weekly and monthly PPs and the 55– and 200-hour SMAs circa 1.3860. Even though the general tendency still remains tended northwards, bulls have seemingly lost their strength during the last two sessions. This indicates that some downward pressure is likely to prevail soon. However, given the strength of the aforementioned support, the Pound might still push higher this week up to the trend-line and the 38.20% Fibo retracement circa 1.3950.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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