© Dukascopy Bank SA
The Pound continues to underperform against the US Dollar; however, at the moment there is strong upside pressure, as the pair has climbed above the pattern's resistance line. The 1H and daily technical studies are pointing to the south, thus GBP/USD might return to trade inside of the pattern's boundaries. We think that the 100 and 200-period SMAs together with the daily PP are likely to hold the bulls for now. The next target remains the weekly S1 at 1.5578, which is also this year's low.
© Dukascopy Bank SA