GBP/USD breaks pattern

Source: Dukascopy Bank SA


The decline of the Pound against the US Dollar ended at the 1.3100 mark. Despite shortly trading below 1.3100, the pair eventually recovered. After a period of sideways trading, the rate broke the channel down pattern and various resistance levels. By mid-Thursday, the pair had made a second attempt to break the resistance of the 1.3175/1.3180 range.

A bounce off from the resistance is set to result in the rate looking for support in the 50 and 100-hour simple moving averages and the 1.3120/1.3130 zone. Further below, the 1.3100 mark might act as support, before the pair reaches the weekly S1 simple pivot point at 1.3066.

In the meantime, a potential breaking of the 1.3175/1.3180 range might result in the pair approaching the 1.3220/1.3230 zone and the weekly R1 simple pivot point. Higher above, note the high levels near 1.3260.
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Thu, 05 Sep 2024 10:51:51 GMT

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