GBP/USD pierces pattern

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


The GBP/USD has revealed a support range at 1.2665/1.2675. The range provided enough support to cause a surge that was strong enough to pass the 1.2700 mark, a resistance range, two simple moving averages. However, as the rate was piercing the upper trend line of the channel down pattern and the 200-hour simple moving average, it eventually failed and a decline started. By mid-Friday, the pair had reached the 1.2735/1.2750 range.

A move below 1.2735 might result in the rate looking for support in the combination of the 50 and 100-hour simple moving averages near 1.2720. In addition, note that the weekly S1 might act as support at 1.2711, before the pair reaches the 1.2700 mark. If the 1.2700 fails, the 1.2665/1.2675 zone could once again come into play.

In the case of a potential recovery of the Pound against the US Dollar, the pair will face the previously pierced upper trend line of the channel down pattern and the 200-hour simple moving average. If these levels fail, the pair is set to approach the 1.2800/1.2820 range and the weekly simple pivot point at exactly 1.2800.
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