GBP/USD finds support in 1.2845/1.2955

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


The rate has encountered resistance near 1.2940 and declined to the support of the 1.2845/1.2855 range. The range is keeping the rate from declining further. However, the 50 and 100-hour simple moving averages are approaching from above and could push the rate down. Meanwhile, it has been spotted that the decline has occurred in a channel down pattern.

A proper recovery of the Pound against the US Dollar is set to face the 50 and 100-hour simple moving averages and the upper trend line of the channel down pattern. Higher above, the 1.2900 is most likely going to act as resistance. In addition, the 200-hour SMA might descend and strengthen the 1.2900.

On the other hand, a move below 1.2845 is set to look for support in the 1.2800/1.2820 range that has acted both as support and resistance in June and July.
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