GBP/USD finds resistance below 1.3200

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Source: Dukascopy Bank SA


During the late hours of Wednesday's trading, the GBP/USD currency exchange rate encountered resistance below the 1.3200 mark. The resistance was enough to cause a decline, which by 15:00 GMT had caused a decline below 1.3150.

If the Pound continues to decline against the US Dollar, the rate would once again look for support in the 1.3084/1.3100 zone. The zone stopped the pair's decline at the start of this week and caused the recent surge to 1.3200.

On the other hand, a recovery of the pair needs to pass the 1.3150 and 1.3200 levels, before approaching the upper trend line of a channel up pattern near 1.3225.
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