Dukascopy
Long

GBP/USD daily overview

FX:GBPUSD   British Pound / U.S. Dollar
The British pound depreciated 0.10 % against the US Dollar . On Monday morning hours, the currency exchange pair was supported by the 100-hour simple moving average , located above the August high at the 1.3100 level.

In regards to the near future, the 55-hour and the 100-hour simple moving averages will move along with the rate giving support for the currency to surge upwards to the upper boundary of the medium ascending line at the 1.3150 mark.

Besides, the rate should not ignore technical indicators during today’s trading session due to absence of Brexit fundamentals.
Sep 18
Comment:
The British pound appreciated 0.77 % against the US Dollar since Monday’s session. During Tuesday morning hours, the currency exchange pair broke the upper boundary of the medium ascending pattern to trade near the weekly R1 at the 1.3178 mark and the monthly R1 at the 1.3185 mark.

The 161.80% Fibo combined with the weekly R1 and the monthly R1 should retrace the British pound back into the medium pattern to trade near the weekly pivot point at the 1.3050 level during Tuesday’s trading session.

However, the rate might take supports of the technical indicators to surge near the upper line of the large descending channel at the 1.3225 level.
Sep 19
Comment:
The British pound appreciated 0.23. % against the US Dollar since Tuesday’s session. On Wednesday morning, the currency exchange pair was located at the 1.3157 mark at the medium-term pattern waiting for break-out.

The rate broke the resistance of 50.00% Fibo, the weekly R1 at the 1.3178 mark and the monthly R1 at the 1.3185 mark due to fundamentals on Wednesday at 8:30 GMT. Most likely, the rate will move upwards to the upper boundary of the trend-line.

Moreover, the monthly R1 at the 1.3185 should give an additional support to the rate to surge upwards near the 1.3250 level.
Sep 20
Comment:
The British pound appreciated 0.43. % against the US Dollar since Wednesday’s session. The currency exchange pair broke the resistances of the 50.00% Fibo, the weekly R1 at 1.3178 and the monthly R1 at 1.3185 due to UK retail sales data release which was released at 08:30 GMT on Thursday.

In the near-term future, most likely, the rate will bounce off the upper boundary of the medium ascending channel to stay trading into the pattern during the day.

On the other hand, the rate may break the medium pattern line due to the support of the monthly R1 at the 1.3185 mark to trade near the 1.3240 level.
Sep 21
Comment:
The British pound appreciated 0.90. % against the US Dollar since Thursday’s session. The currency exchange pair broke the previously drawn medium pattern and the upper boundary of the large descending pattern to trade at the 1.3228 mark on Friday.

In the near-term future, the rate should move downwards to bounce off the upper boundary of the large pattern with the support of the 55-hour and the 200-hour simple moving averages to trade in the 1.3250 area during the day.

On the other hand, the rate may break the large channel again to trade near the monthly at R1 1.3185 on Friday.
Why do you use 100-hour SMA,not using 200-hour mainly?
Reply
Dukascopy pichiku0725
@pichiku0725, The 200-hour SMA is being used by our analysts on all charts. It is not mentioned in the text, as at the moment the 200-hour SMA is located too far above the rate.

When and if the GBP/USD goes for the levels near the 1.33 the 200-SMA should approach the currency exchange rate from the upside. At that time it is most likely going to provide resistance together with the upper trend line of the larger descending pattern. In addition, by that time it will most likely be October with new monthly pivot points. Moreover, each week the weekly PPs will change and might help the 200-hour SMA in providing resistance.
Reply
pichiku0725 Dukascopy
@Dukascopy, Thank you for your kindly expiration.
I got it.
Your analysis is useful for me.
I always use 200-hour SMA, that’s why I wondered it.
Good luck!
Reply
pichiku0725 pichiku0725
@pichiku0725, “explanation” is correct.
Reply
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