GBP/USD Pressured By 55-, 100– And 200-Hour SMAs

Technical analysis of Forex market

Yesterday, the GBP/USD currency pair stepped lower to the psychological level at the 1.3060 mark.

From a technical perspective, it is unlikely, that the pair could resume rising due to the resistance cluster formed by a combination of the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3071/1.3087 range.

It is likely, that the exchange rate continues trading down and surpasses the psychological level at the 1.3040 mark.

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However, if the given resistance does not hold, the rate could reach the upper boundary of the falling wedge pattern located circa 1.3100.

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