HomeContributorsTechnical AnalysisGBP/USD Analysis: Points To Weakness

GBP/USD Analysis: Points To Weakness

During the last trading session, the Sterling demonstrated solid appreciation against the US Dollar, crossing the 20– and 100-hour SMAS along the way. The pair has approached a short-term down-trend near the 1.2710 mark, reinforced by the 200-hour SMA and the 23.6% Fibo at 1.2717 and 1.2720, respectively. The pair has been trading below the given SMA for most of the down-trend, suggesting that this may serve as a stopping point in this session, as well. Technical indicators are generally bearish, demonstrating that the down-trend may, in turn, be respected. Thus, it is likely that the Pound tests the 1.2717 level prior to edging lower mid-day. The subsequent fall might be stopped by the 55-day SMA located circa 1.2660. On the contrary, an upward breakout would put the monthly S1 at 1.2758 to the test.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading