GBP/USD bounces off 1.4200

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


The GBP/USD rate made a failed attempt at passing the resistance of the 1.4200 level. It was followed up by a sharp decline below the support zone of the late May low levels at 1.4100/1.4095.

Meanwhile, Dukascopy Analytics spotted that the rate has been fluctuating in the borders of a channel down pattern since May 28. In the case of the pattern holding, the pair would not once again reach the 1.4200 level.

At mid-day on Friday, the currency exchange rate had reached the resistance of the 55-hour simple moving average at 1.4140.

If the SMA fails to keep the rate down, the pair would most likely reach the cluster of resistance in the 1.4160/1.4170 range. In that range, the 100 and 200-hour simple moving averages and the weekly simple pivot point were strengthening the resistance of the mentioned channel down pattern's upper trend line. A passing of this cluster would most likely result in a test of the 1.4200 mark.

On the other hand, in the case of the 55-hour SMA holding, the pair could decline first to the weekly S1 simple pivot point at 1.4119 and afterwards the 1.4100 level.
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