GBP/USD: 34 Moving Average acted as support

GBP/USD: 34 Moving Average acted as support


The market is consolidating between the levels 1.3047 - 1.3114. Also, the 34 Moving Average has acted as support. Meanwhile, it's likely that the pair is going to test the next support at 1.3011. The subsequent pullback from this line could be a starting point for another upward price movement towards the nearest resistance at 1.3174 - 1.3193.


There's consolidation, which is taking place under the Moving Averages. The main intraday target is the closest resistance at 1.3109 - 1.3149. If a pullback from this area happens next, bears will probably try to achieve the nearest support at 1.3011 - 1.2999.



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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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