GBP/USD tests resistance zone

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Source: Dukascopy Bank SA


The GBP/USD remains in the range between the resistance zone at 1.3364/1.3370 and the support zone at 1.3300/1.3380. Meanwhile, the 50 and 100-hour simple moving averages manage to have a short lived impact on the pair.

At mid-day on Tuesday, the rate was testing the resistance zone. Future forecasts were based upon whether or not the zone holds.

In general, above the resistance zone at 1.3364/1.3370, the pair would most likely almost immediately find resistance in the 200-hour simple moving average near 1.3375. Above the SMA, the 1.3400 mark is expected to act as resistance. Above 1.3400, there is no resistance as high as the weekly R1 simple pivot point at 1.3449.

However, a potential bounce off from the resistance zone might look for support in the 50 and 100-hour simple moving averages at 1.3330. Below the SMAs, the 1.3300/1.3380 zone is expected to provide support.
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