Tue, Jan 31, 2023 @ 23:43 GMT
HomeContributorsTechnical AnalysisGBP/USD Analysis: Falls Down To 1.38

GBP/USD Analysis: Falls Down To 1.38

GBP/USD once again failed to surpass the 1.39 mark on Thursday, as the US Dollar strengthened in the global markets in response to the easing pressure over a trade war.

As a result, the pair breached a strong two-day support formed by the 100– and 200-hour SMAs and the weekly and monthly PPs circa 1.3860 and plunged down to the 1.38 area. Thus, the Sterling was located near a three-month trend-line circa 1.3760 by Friday morning.

Even if some downward pressure prevailed in the market, it is not likely that this line is breached. In terms of upside potential, bulls should cap their gains near the massive resistance at 1.3860.

Fundamentals from both the US and the UK could introduce some volatility in the market, thus altering the steady pace apparent in the Asian 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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