GBP/USD respects round levels

Source: Dukascopy Bank SA


In the aftermath of bouncing off the weekly R1 simple pivot point at 1.2026, the GBP/USD found support in the combination of the 1.1800 level and the 50-hour simple moving average. On Thursday morning, the recovery of the pair encountered resistance in the 1.1900 level. It could be clearly observed that round levels impacted the currency pair.

A move above 1.1900 could encounter resistance in the 1.2000 mark, before approaching the weekly R1 at 1.2026. Higher above, note that the 1.2100 and 1.2150 levels might slow down a surge.

However, a decline of the Pound against the US Dollar below 1.1800 and the 50-hour SMA could look for support in the 1.1750 level and the 100-hour simple moving average, prior to approaching the 1.1700 mark.
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