GBP/USD reaches above 1.3750

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Source: Dukascopy Bank SA


On Monday morning, the GBP/USD once again found support in the March and April low levels at 1.3670. It resulted in a surge, which passed the resistance of the 55-hour simple moving average and the resistance zone above the 1.3720 level.

In the near term future, the rate was expected to test the combined resistance of the weekly simple pivot point and the 100-hour simple moving average at 1.3766.

In the case of the rate surging above 1.3766, the pair could encounter resistance in the 200-hour simple moving average at 1.3793 and the 1.3800 mark. Above these levels, the most close by resistance was the weekly R1 simple pivot point at 1.3861.

On the other hand, if the resistance holds, the GBP/USD might decline and look for support in the 55-hour SMA and the zone above the 1.3720 level. If they fail to keep the pair up, the March and April low levels could be reached.
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