GBP/USD reveals pattern

Source: Dukascopy Bank SA


The surge of the Pound against the US Dollar appears to have occurred in a wide range channel up pattern. Since late Thursday's European trading hours, the currency pair was testing the resistance of the channel. The resistance line is crossing the 1.1200/1.1250 range. In addition, the resistance line was being strengthened by the weekly R1 simple pivot point and the 1.1250 level.

A move above 1.1250 could encounter resistance in the 1.1300 level. However, this round exchange rate level has not impacted the pair during its late September decline. Instead, watch the 1.1350 and 1.1450 levels, which acted as resistance and support during the second part of the month.

On the other hand, a decline of the rate is set to look for support in the combination of the 1.1050 level, the weekly simple pivot point and the 200-hour simple moving average. Further below, note the 1.1000 and 1.0950 levels, and the ascending 50-hour simple moving average.
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