GBP/USD remains in pattern

Source: Dukascopy Bank SA


The pair has been declining by closely trailing the lower trend line of the channel down pattern. Throughout the first part of Wednesday's trading, the trend line kept the rate up.

Eventually, the decline of the Pound against the US Dollar might find support and start a recovery. A potential recovery could face resistance in the weekly S1 simple pivot point at 1.2170 and the 50-hour simple moving average. Higher above, note the approaching 100-hour SMA and the 1.2200 mark.

On the other hand, a decline of the rate further should be gradual, as the lower trend line of the pattern holds. The slow decline or a sudden breaking of the pattern is set to look for support in the 1.2100 mark and the weekly S2 simple pivot point at 1.2103.
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