GBP/USD breaks pattern

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Source: Dukascopy Bank SA


At mid-day on Tuesday, the GBP/USD currency exchange rate broke the resistance line of the channel up pattern, which captured the rate since the middle of last week. In addition, the resistance of the 50, 100 and 200-hour simple moving averages was passed. However, the pair found resistance in the weekly simple pivot point at 1.3568.

If the Pound continues to surge against the US Dollar, the pair would have to pass the weekly simple pivot point at 1.3568. Above the pivot point, resistance could be found in the 1.3600 mark, before the rate tests previous February high levels near 1.3620 and 1.3640.

Meanwhile, a decline of the GBP/JPY might look for support in the 1.3500 mark and the weekly S1 simple pivot point at 1.3492.
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