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On Wednesday, it was marked on the GBP/USD charts that the currency pair has been declining in a channel down pattern since April 22. On that day, the rate plummeted due to the worse than expected UK monthly retail sales data. In addition, most recently, the 1.2600 level had acted as resistance.
If the Pound continues to decline, compared to the US Dollar, the currency rate might look for support in the 1.2500 mark and the weekly S3 simple pivot point at 1.2474.
On the other hand, a potential surge of the pair would have to reach above the resistance zone near 1.2600, before testing the upper trend line of the channel down pattern. Higher above, take into account the weekly S2 simple pivot point at 1.2648 and the approaching 50-hour simple moving average.
Wed, 27 Apr 2022 14:40:37 GMT
Source: Dukascopy Bank SA
On Wednesday, it was marked on the GBP/USD charts that the currency pair has been declining in a channel down pattern since April 22. On that day, the rate plummeted due to the worse than expected UK monthly retail sales data. In addition, most recently, the 1.2600 level had acted as resistance.
If the Pound continues to decline, compared to the US Dollar, the currency rate might look for support in the 1.2500 mark and the weekly S3 simple pivot point at 1.2474.
On the other hand, a potential surge of the pair would have to reach above the resistance zone near 1.2600, before testing the upper trend line of the channel down pattern. Higher above, take into account the weekly S2 simple pivot point at 1.2648 and the approaching 50-hour simple moving average.