GBP/USD tests 1.4000 mark

Source: Dukascopy Bank SA


As the rate was declining and testing the support of the previously broken upper trend line of a channel down pattern, the Federal Reserve beat down the USD by making a monetary policy statement. Namely, the supply of the USD was revealed to remain plenty. It eventually resulted in a GBP/USD surge that reached the 1.4000 mark.

The 1.4000 mark provided resistance and the pair declined. During the second half of Thursday's trading, the rate had found support in the 1.3900 level.

In regards to the near term future, the pair was expected to test the 1.3950 level. If the 1.3950 does not provide resistance, the rate could once again test the 1.4000 mark.

On the other hand, if the two mentioned levels hold, the GBP/USD would most likely look for support in the 1.3900 level. Note that the 1.3900 was supported by the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point.
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