GBP/USD decline occurs in channel pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Wednesday, it was marked on the GBP/USD charts that the currency pair has been declining in a channel down pattern since April 22. On that day, the rate plummeted due to the worse than expected UK monthly retail sales data. In addition, most recently, the 1.2600 level had acted as resistance.

If the Pound continues to decline, compared to the US Dollar, the currency rate might look for support in the 1.2500 mark and the weekly S3 simple pivot point at 1.2474.

On the other hand, a potential surge of the pair would have to reach above the resistance zone near 1.2600, before testing the upper trend line of the channel down pattern. Higher above, take into account the weekly S2 simple pivot point at 1.2648 and the approaching 50-hour simple moving average.
Back to articles

Actual Topics

Wed, 27 Apr 2022 15:10:41 GMT

USD/JPY finds support in 127.00

The 127.00 mark has provided enough support to the USD/JPY currency exchange rate for the pair to start a surge. By the middle of Wednesday's GMT trading hours, the USD/JPY had reached above the 128.00 level and technical levels, which surround it. If the US Dollar continues to gain value, compared to the Japanese Yen, the currency pair might test

Wed, 27 Apr 2022 12:52:32 GMT

EUR/USD decline reaches below 1.0600

By the middle of Wednesday's European trading hours, the EUR/USD currency exchange rate had reached below the 1.0600 and approached the weekly S3 simple pivot point at 1.0550. If the rate passes below the 1.0550 mark, the currency exchange rate would have no close by technical support. Meanwhile, round exchange rate levels could act as support. Namely, the Euro could

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.