GBP/USD reaches new high

Source: Dukascopy Bank SA


The surge of the GBP/USD paused at the 1.4150 level during the second part of Monday's trading hours. Since then, up to the middle of Tuesday's trading, the rate had been fluctuating sideways below the mentioned round exchange rate mark.

In the near term future, the rate could resume its surge due to the approaching support of the 55-hour simple moving average. A potential surge could aim at the weekly R3 simple pivot point. However, note that the rate is highly likely going to find resistance in the 1.4200 and 1.4250 levels.

On the other hand, the rate has recently become highly overbought. Due to that reason a decline could occur. A decline would look for support in the weekly R1 at 1.4064 and the 55, 100 and 200-hour simple moving averages.
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