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[ANNOUNCE]On Friday, the GBP/USD traded above the previous high level of 1.3258. In general, the pair had no technical resistance and was expected to surge. However, the 1.3280 level appeared to keep the rate down. [/ANNOUNCE]
If, the rate would manage to pass the 1.3280 level, in theory it should reach for the 1.3348 level, where a pivot point was providing resistance. Although, it was highly likely that the round exchange rate level of 1.3300 could provide resistance.
In the meantime, the rate could fail at passing 1.3280. In this case scenario the GBP/USD would look for support in the pivot point at 1.3220 and the approaching hourly simple moving averages. Note that the 55-hour SMA caused the recent surge of the pair.
Fri, 28 Aug 2020 08:12:06 GMT
Source: Dukascopy Bank SA
If, the rate would manage to pass the 1.3280 level, in theory it should reach for the 1.3348 level, where a pivot point was providing resistance. Although, it was highly likely that the round exchange rate level of 1.3300 could provide resistance.
In the meantime, the rate could fail at passing 1.3280. In this case scenario the GBP/USD would look for support in the pivot point at 1.3220 and the approaching hourly simple moving averages. Note that the 55-hour SMA caused the recent surge of the pair.