GBP/USD breaks pattern

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


The GBP/USD currency pair broke the resistance of the channel down pattern. However, resistance was eventually provided by the 50-hour simple moving average and the 1.1100 mark. The following decline reached the support of the 1.1000 mark. On Tuesday morning, the pair fluctuated between the 1.1000 level and the 50-hour SMA near 1.1075.

A move below 1.1000 could find support in the 1.0950 level, the weekly S1 simple pivot point at 1.0934. Below these levels note the 1.0900 mark and the lower trend line of the channel down pattern, which captures the pair's decline from the 1.1500 mark.

However, a recovery of the Pound against the US Dollar would have to break above the 50-hour simple moving average and the 1.1100 mark. Higher above, note the combination of the 100 and 200-hour simple moving average near 1.1170 and 1.1185.
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