GBP/USD fails to reach 1.3200

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Source: Dukascopy Bank SA


The GBP/USD pair's reaching above the three hourly simple moving averages did not result in a move to the 1.3200 mark, as it was speculated on Wednesday. Instead, the currency pair found resistance in the 1.3180 level. In addition, the bounce off the 1.3180 level revealed a channel up pattern, which has guided the rate since Monday.

Throughout Thursday's trading, the currency pair was fluctuating mostly in the middle of the pattern near 1.3120/1.3140. However, at 15:00 GMT the rate started a surge. The surge almost immediately reached above the 200-hour simple moving average at 1.3165.

If the currency pair continues to surge, it would have to pass the 1.3180 level, before approaching the weekly simple pivot point at 1.3198 and the 1.3200 mark. Higher above, take into account the last week's high level zone at 1.3215/1.3225.

However, a decline of the Pound against the US Dollar might look for support in the 50 and 100-hour simple moving averages near 1.3130. Further below, the lower trend line of the new channel up pattern might provide support near 1.3110/1.3130.
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