GBP/USD is kept down by SMA

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Source: Dukascopy Bank SA


It was spotted on Tuesday morning that the 55-hour simple moving average had the capability to keep the rate down. Namely, the rate stopped its surge and started to trade sideways, as the SMA approached it.

If the SMA continues to provide resistance and move lower, it should push the rate down to test the 1.3430 level. The 1.3430 level reversed the rate's Monday's drop.

On the other hand, in the case of the SMA failing to provide resistance, the rate could retest the last week's high levels near 1.3600.
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Tue, 29 Dec 2020 14:06:23 GMT

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