GBP/USD passes support of 1.3900

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


The support of the 1.3900 level eventually failed to keep the GBP/USD up on Friday. After the support failed, the rate began a decline, which found support in the 1.3820 level.

A new support zone of this level and the March 16 low level has been drawn. In addition, a channel down pattern has been spotted. The pattern captures the rate's most recent decline from the 1.4000 mark.

In regards to the near term future, the rate's recovery was expected to find resistance in the upper trend line of the channel down pattern. If the trend line fails to provide resistance, the rate should test the combined resistance of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point near the 1.3900 mark.

If any of the mentioned resistance levels hold and cause a decline, the pair should look for support in the zone near 1.3820 and afterwards the weekly S1 simple pivot point at 1.3787.
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