GBP/USD trades above 1.3550

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


The surge of the GBP/USD currency exchange rate has reached above the 1.3550 mark. In general, it was initially seen that the pair has no technical resistance as high as the weekly R2 simple pivot point at 1.3650. Meanwhile, it was expected that the 1.3600 mark could act as resistance.

However, additional analysis revealed that the recent surge of the currency pair has been occurring in a channel up pattern. The pattern could continue to guide the rate higher, but it would slow down the GBP against the USD. Although, note that on Thursday at 12:00 GMT, the Bank of England will make a rate statement. It is highly likely that the channel is set to be broken.

In the near term future the rate's surge could eventually reach the resistance of the 1.3600 mark, before aiming at the 1.3650 level. On the other hand, a decline of the GBP/USD could look for support in the 1.3550 mark, the weekly R1 simple pivot point at 1.3528 and the lower trend line of the narrow channel up pattern.

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