GBP/USD Price Analysis for 2nd September

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The pair has made two attempts to pass the 1.3800 mark. They both failed and a decline followed. On Wednesday morning, the GBP/USD pair found support in the lower trend line of the channel up pattern, which has guided the pair since August 19.

If the price continues to recover from the lower trend line of the channel up pattern, GBP/USD would face technical resistance. The 55-hour simple moving average at 1.3760 and the 1.3800 previous high level are expected to provide resistance. Above these levels, the weekly R1 simple pivot point at 1.3826 could provide additional resistance to a possible surge.

However, in the case that the price declines, it would look for support at the 100-hour simple moving average of 1.3746 before reaching the lower trend line of the channel up pattern at 1.3740. Below these levels, the weekly simple pivot point at 1.3720 together with the 200-hour simple moving average could keep the pair from declining.

The material has been provided by InstaForex Company - www.instaforex.com

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