GBP/USD bounces off resistance

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Source: Dukascopy Bank SA


The resistance zone above the 1.3923 level held out. During the early hours of Thursday's trading, the GBP/USD rate had passed the support of the trend line, which pushed the rate up during this week. At mid-day, it was spotted that the rate was finding short term support in the 55, 100 and 200-hour simple moving averages.

In the case of the simple moving averages holding, the rate could once again make an attempt to pass the zone from 1.3923 to 1.3932. A breaking of this zone could result in a surge to the 1.3975 level.

On the other hand, a failure of the hourly simple moving averages to provide support would most likely result in a decline to the weekly simple pivot point at 1.3867.
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Thu, 06 May 2021 09:45:07 GMT

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