GBP/USD decline reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The Pound's decline against the US Dollar has reached the 1.3120/1.3130 support zone. In addition, the pair has revealed a channel down pattern that has guided the rate's decline.

A recovery of the rate would have to pass above the 200-hour simple moving average, before approaching the 1.3180 level's resistance, combined with the 50-hour SMA. Above these levels, the upper trend line of the channel is expected to reverse a potential recovery.

In the meantime, a decline of the pair would have to pass the 1.3120/1.3130 support range and the lower trend line of the channel pattern. It could be the case that the rate consolidates, before moving below the support zone, but still in the borders of the pattern.
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