GBP/USD respects 1.2300 and 1.2400

Source: Dukascopy Bank SA


Despite shortly reaching below the support zone of 1.2277/1.2325, the rate did not decline, as on Monday morning a recovery started. During the second half of the day's trading, the currency pair was fluctuating between the support of the 1.2300 mark and resistance at 1.2400.

If the rate declines below the 1.2300 mark, the pair could find support in the early morning low level at 1.2261. Further below, support is highly likely going to be provided by the 1.2250 mark and the weekly S1 simple pivot point at 1.2197 together with the 1.2200 level.

Meanwhile, a recovery of the Pound against the US Dollar would have to pass the 1.2400 mark, before approaching the April low levels at 1.2413/1.2423, the weekly simple pivot point at 1.2417 and the 100-hour simple moving average.
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