GBP/USD encounters SMA

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Source: Dukascopy Bank SA


The GBP/USD currency exchange rate reached and pierced the resistance of the 200-hour simple moving average at mid-day on Wednesday. Previously, during the morning hours of the day, the rate declined and shortly traded below the support of the 100-hour SMA. Meanwhile, analysts spotted a channel up pattern on the rate's hourly candle chart.

In the case of a surge, the pair would most likely have to clearly pass the resistance of the weekly simple pivot point and the 200-hour simple moving average at 1.1362. Afterwards, the GBP/USD might make an attempt to reach the resistance of the 1.3500 level and the upper trend line of the channel up pattern.

However, a decline of the rate might look for support in the 50 and 100-hour simple moving averages at 1.3430 and 1.3415. Below the SMAs, the lower trend line of the channel pattern might provide support near 1.3400.
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