GBP/USD breaks pattern, hits 2024 high

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Source: Dukascopy Bank SA


The surge of the GBP/USD has resumed and gained more than expected. The Pound has broken the channel up pattern to the upside. In addition, the rate has passed the 1.3000 mark and eventually reached the 2024 high level on Tuesday. Moreover, the 2024 high did not hold, as it was shortly passed. The rate stopped and appears to be forced into consolidation by the 1.3050 level.

If the rate resumes its surge, it will face the resistance of the recently marked 1.3045/1.3052 range. If this range fails, the pair could be slowed down by the weekly R2 simple pivot point at 1.3077.

On the other hand, a decline of the Pound against the US Dollar is expected to look for support in the 1.2995/1.3000 zone, the weekly R1 simple pivot point at 1.3009 and the ascending 50-hour simple moving average. Further below, note the 100-hour simple moving average and the 1.2980 and 1.2940 levels that have impacted the pair.
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Wed, 21 Aug 2024 12:33:15 GMT

USD/JPY 145.00 mark acts as support

Despite reaching above the 146.00/146.50 range, the rate did not extend its recovery far. The surge stopped and reversed near the resistance of the 50, 100 and 200-hour simple moving average. Eventually, the decline reached the support of the 145.00 mark, which reversed the decline. By mid-Wednesday, the pair was once again testing the 146.00/146.50 zone. In general, prior

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