GBP/USD continues in pattern

Source: Dukascopy Bank SA


On Friday, it was reported - "The Pound's decline against the US Dollar has reached the 1.3120/1.3130 support zone. In addition, the pair has revealed a channel down pattern that has guided the rate's decline."

By late Monday's trading, the situation was mostly unchanged, as the rate had bounced off the combination of the pattern's lower trend line and the 1.3120/1.3130 range.

An extension of the ongoing recovery is set to face the combination of the 200-hour simple moving average and the upper trend line of the channel pattern together with the weekly simple pivot point, all near 1.3165. Higher above, note the 1.3180 level's resistance and the 100-hour simple moving average. These levels could stop the pair, before it tests the 1.3200 mark. Even higher above, take into account the resistance range at 1.3220/1.3230 that is strengthened by the weekly R1 simple pivot point at 1.3223.

On the other hand, a decline is set to look for support in the 1.3120/1.3130 zone. Below this range, the 1.3100 level might stop the pair, before it reaches the lower trend line of the channel down pattern.
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