GBP/USD reaches pattern's resistance

Source: Dukascopy Bank SA


On Thursday, the GBP/USD currency exchange rate passed the resistance of the 200-hour simple moving average that had kept the rate down since mid-Wednesday. After confirming the moving average as support, the rate approached the upper trend line of the channel down pattern that had guided the rate down since August 30.

If the pair breaks the pattern, resistance could be found in the weekly simple pivot point at 1.2192 and the 1.2200 mark. Higher above take into account the weekly R1 simple pivot point at 1.2274.

However, if the pattern holds and the Pound declines against the US Dollar, support could be found in the 200, 100 and 50-hour simple moving averages near 1.2150, 1.2130 and 1.2110. Below the moving averages, note the weekly S1 simple pivot point that has acted as support on Wednesday and Thursday. A broader decline could look for support in the Tuesday and Wednesday low levels near 1.2060 and 1.2040.
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Thu, 05 Oct 2023 16:12:13 GMT

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