GBP/USD respects pattern

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


The GBP/USD bounced off the combined support of the weekly S2 at 1.2447 and the lower trend line of the channel down pattern. During the early hours of Friday's trading, the pair reached the upper trend line of the pattern near 1.2500 and appeared to have resumed the broader decline.

A continuation of the Pound's decline against the US Dollar is expected to look for support once again in the 1.2447 level, where the weekly S2 simple pivot point is located. Further below, note the 1.2400 mark and the lower trend line of the channel down pattern.

However, in the case of the rate recovering, the 50-hour SMA, the 1.2500 mark, the upper trend line of the channel and the weekly S1 at 1.2515 are expected to act as resistance. Higher above, note the 100-hour SMA near 1.2542 and the 1.2548/1.2579 range.
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Fri, 08 Sep 2023 11:35:34 GMT

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