GBP/USD recovers to 1.1650

Source: Dukascopy Bank SA


On Friday, the strength of the US Dollar declined against all other assets. As a result, on the GBP/USD charts a surge up to the 1.1650 occurred.

A continuation of the recovery of the Pound against the US Dollar might encounter resistance in the weekly R1 simple pivot point at 1.1675. Higher above, the 1.1700 could slow down a surge, prior to the rate reaching the 1.1715/1.1760 zone.

However, a decline of the currency exchange rate is expected to look for support in the 1.1600 mark, the weekly simple pivot point at 1.1585 and the 200-hour simple moving average near 1.1560. Further below, note the 1.1550 and 1.1500 levels together with the 50 and 100-hour SMAs near 1.1515.
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