GBP/USD recovery pierces 1.3200 mark

Source: Dukascopy Bank SA


The recovery of the Pound against the US Dollar has revealed a channel up pattern. The channel represents the market expectations of a US interest rate cut that is scheduled for Wednesday.

Meanwhile, note that the surge has reached the 1.3200 mark, which appears to be acting as a magnet to the pair. Namely, the rate is consolidating its gains near this level.

A resumption of the prior surge is expected to face the 1.3220/1.3230 zone, the weekly R2 simple pivot point and the 1.3260 level, which marks the August high levels.

In the case of a decline, the pair will most likely look for support in the weekly R1 simple pivot point at 1.3184, the lower trend line of the channel pattern and the 1.3175/1.3180 range. If these levels fail, the combination of the 1.3160 level and the 50-hour SMA might start to act as support, before the pair reaches the 1.3180 level and the combination of the 100 and 200-hour simple moving averages.
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