GBP/USD respects channel

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Source: Dukascopy Bank SA


The GBP/USD passed the support of the 1.3860 level and declined to the support of the lower trend line of the channel down pattern. The trend line provided the pair with enough support for a recovery to the 1.3860 level.

The 1.3860 mark managed to provide enough resistance for the pair to decline. By the middle of Wednesday's trading, the GBP/USD had reached the 1.3820 mark, which appeared to be providing support.

If the rate recovers from the 1.3820 level, it would eventually face the resistance of the 1.3860 mark and the 55-hour simple moving average, which would approach from above.

On the other hand, a potential decline would look for support first in the 1.3820 level. Afterwards, the rate could reach the 1.3800 mark and the June low levels.
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