GBP/USD fails to reach 1.2250

Source: Dukascopy Bank SA


As the GBP/USD was approaching the 1.2250 mark on Friday, it suddenly started a sharp decline. By the middle of the day's European trading hours, the pair had reached the 1.2100 level.

A continuation of the decline of the 1.2100 mark might look for support in the 100-hour simple moving average near 1.2095 and the weekly R1 simple pivot point at 1.2087. Further below, note the lower trend line of the channel up pattern.

On the other hand, a recovery of the pair could encounter resistance in the combination of the 50-hour simple moving average and the 1.2150 mark, prior to approaching the 1.2200 and 1.2250 levels.
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