GBP/USD reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Tuesday, the GBP/USD declined and with it revealed a channel up pattern, which has guided the rate since the second part of March. In the meantime, the rate appeared to respect the support of the 1.3800/1.3820 zone. In addition, at mid-day on Tuesday, the rate started to respect the resistance of the 55-hour simple moving average.

In the case of a recovery of the rate, the GBP/USD would test the resistance of the 55-hour SMA at 1.3855. Afterwards, the weekly R1 at 1.3890 could provide resistance. In addition, the 1.3900 mark might keep the rate down.

On the other hand, a potential decline would find support in the 100-hour SMA at 1.3834, the 1.3800/1.3820 zone and the weekly simple pivot point and the 200-hour SMA at 1.3800.

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