GBP/USD aims at 1.3600 mark

Source: Dukascopy Bank SA


During the early hours of Wednesday's US trading hours, the GBP/USD currency exchange rate had revealed a channel up pattern, which had guided the rate since Friday. However, the pattern was not expected to hold, as the incoming US Consumer Price Index data on Thursday was expected to cause an adjustment of the value of the USD.

In the meantime, on Wednesday, the rate was looking for support in the combination of the 50 and 100-hour simple moving averages and the lower trend line of the channel up pattern at 1.3545/1.3555. If the support levels hold, the rate could reach the 1.3600 level, before aiming at the February high level zone at 1.3615/1.3628.

On the other hand, a decline below 1.3545 might find support in the weekly simple pivot point and the 200-hour simple moving average near 1.3520.
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