GBP/USD once again tests 1.3800

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Source: Dukascopy Bank SA


The rate surged and passed resistance levels on Wednesday, as the US ADP payrolls caused a decline of the USD. The surge of the GBP/USD was stopped by the 1.3800 level. A follow up decline eventually found support in the 55-hour simple moving average near 1.3765.

In the case that the 55-hour simple moving average pushes the rate up, the GBP/USD would most likely once again test the 1.3800 level. If a potential fourth test of the 1.3800 level manages to break its resistance, the pair could reach for the weekly R1 simple pivot point at 1.3826.

However, a failure of the 55-hour SMA to push the rate up, might result in a decline to the support of the 100-hour SMA near the 1.3760 level. Below the SMA, the lower trend line of a channel up pattern would provide support.
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