GBP/USD tries to break 1.2944

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 68% 71% -4.41%
Shorts 32% 29% 9.37%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

Fortunately for the Pound, the eight-hour downfall was stopped already near the 1.2880 level. Accordingly, the rest of the day the Sterling spent in a recovery against the US Dollar. 

By the moment, the pair has reached a combined resistance level set up by the weekly R1 at 1.2942 and the monthly S1 at 1.2944. 

From a daily chart perspective, the further surge seems unlikely. On the other hand, an extensive fall is not expected as well, as the southern side is secured by the 55-, 100- and 200-hour SMAs together with the weekly R1 at 1.2858. 

It is quite possible that the rate will stuck at the above resistance for some time. In this sense, a decisive signal is expected to be given by release of information on the US CB Consumer Confidence at 14:00 GMT.

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