GBP/USD bounces off resistance line

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Source: Dukascopy Bank SA


The surge of the Pound against the US Dollar has reached the 1.3430 level where it met the upper trend line of the channel up pattern. Since then, the rate has found support in the 50-hour simple moving average, and the surge could continue.

A continuation of the prior surge is set to face the combination of the pattern's upper trend line and the 1.3450 level. Higher above, note the weekly R2 simple pivot point at 1.3481.

On the other hand, a potential decline is expected to look for support in the 50 and 100-hour simple moving averages and the 1.3350 level, before reaching the lower trend line of the channel pattern.
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Wed, 25 Sep 2024 15:03:40 GMT

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