GBP/USD pierces 1.1400 mark

Source: Dukascopy Bank SA


The GBP/USD has managed not only to reach above the 1.1300 level and the resistance of 1.1350, but also shortly trade above 1.1400. During the surge, the pair pierced the upper trend line of the channel up pattern, before retreating to levels near 1.1350.

An extension of the surge of the Pound against the US Dollar would have to break the resistance of the upper trend line of the channel up pattern, the 1.1450 mark and the weekly R1 simple pivot point at 1.1483. Higher above, note the 1.1500 and 1.1550 levels.

On the other hand, a retracement downwards could look for support in the 1.1300 level, prior to reaching the combination of the 1.1250 level and the 50-hour simple moving average.
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