Looking at the chart below the pair moved from a low of 1.3309 to a high of 1.3666 overnight. During Friday's session, the price has now moved back toward the 55 Exponential Moving Average and found some support.
If the trend is to continue lower a break of the red trend line could be a good signal on the short side. In the way would be the 200 Simple Moving...
Should the GBP/USD prices remain weak below 1.2520/15 support, an ascending trend line from March 20, around 1.2375, will be the key to watch.
On the upside, the pair’s breakout of 200-day EMA, at 1.2615 now, could attempt another rise to aim for 1.2800 and then to the monthly high near 1.2813. In doing so, February month low near 1.2725 might offer an...
The pair’s sustained trading below 100-day SMA seems to drag it towards the early-May top surrounding 133.20. However, an ascending trend line from March 18, at 131.60 could challenge the bears afterward. Alternatively, the pair’s upside past-100-day SMA level of 135.67 will have to cross 200-day SMA, at 137.63 now, before challenging the monthly top near 139.75.
