GBP/USD reaches 1.3350

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


Despite the decline that was caused by the UK PMI release, the rate has found support in the 1.3250 level and the 100-hour simple moving average. The event was followed by a recovery of the rate and eventually the booking of a new high level near 1.3350. In the meantime, a channel up pattern has been spotted that has been guiding the rate since September 11.

A continuation of the ongoing surge is set to be slowed down by the upper trend line of the channel up pattern. Afterwards, the rate will face the weekly R1 simple pivot point and the 1.3400 mark. Higher above, note the 1.3450 level, the weekly R2 simple pivot point at 1.3481 and the 1.3500 mark.

In the case of a decline of the Pound against the US Dollar, the currency pair is expected to look for support in the 1.3300 mark and the 50-hour simple moving average. Further below, note the lower trend line of the channel pattern. If the trend line and with it, the pattern, are broken, the pair will look for support in the weekly simple pivot point at 1.3258 and the 100-hour simple moving average.
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Mon, 23 Sep 2024 17:41:08 GMT

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