GBP/USD: 34 Moving Average acted as support

GBP/USD: 34 Moving Average acted as support

22-1-2019-GBP-H4.png

The 34 Moving Average has acted as support, but the market is likely going to test another support at 1.2839 - 1.2814 in the coming hours. If a pullback from this area happens next, bulls will probably try to reach the next resistance at 1.2946 - 1.2957, which was tested earlier.

22-1-2019-GBP-H1.png

The market is consolidating along the Moving Averages. The main intraday target is the closest resistance at 1.2897. The subsequent pullback from this level could lead to a decline in the direction of the last locat low, so we should keep an eye on the nearest support at 1.2831 - 1.2818.

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This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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