GBP/USD breaks resistance zone

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


On Thursday, the GBP/USD currency pair reached above the 1.1400 mark and almost reached the 1.1450 level. However, before reaching the 1.1450 level, the GBP started a decline against the USD. During the early hours of Tuesday's trading, the pair as finding support in the 1.1300 level. Meanwhile, it was spotted that the rate has been surging in a channel up pattern since October 11.

Note that a potential decline would look for support in the 1.1300 mark, which is strengthened by the 50-hour simple moving average and the lower trend line of the channel up pattern. If the pattern is broken, the rate could look for support in the 1.1250 level and the 100-hour simple moving average. Further below, note the 1.1200 mark, the 200-hour SMA and the weekly simple pivot point at 1.1160.

A resumption of the surge of the Pound against the US Dollar could encounter resistance in the weekly R1 simple pivot point at 1.1398, the 1.1400 and 1.1450 levels. Higher above, there is no technical resistance as high as the combination of the weekly R2 and the upper trend line of the channel pattern near 1.1620.
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Tue, 18 Oct 2022 08:50:49 GMT

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