GBP/USD reveals descending channel

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


The Pound has been losing value, compared to the US Dollar, in a channel down pattern since bouncing off the 1.2250 level on Thursday. Buy the middle of Monday's European trading, the price had reached the 1.2050 level.

A move below the 1.2050 level could look for support in the combination of the weekly S1 simple pivot point at 1.0227 and the lower trend line of the channel down pattern. Further below, the 1.2000 mark and the August 6 low level of 1.2003 might act as support.

However, a breaking of the resistance of the 1.2100 mark and the upper trend line of the channel up pattern might result in the pair testing the combined resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.2150.
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Mon, 15 Aug 2022 10:25:54 GMT

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