GBP/USD drops to 1.1900

Source: Dukascopy Bank SA


The opening of the US futures market caused major demand for the US Dollar, which beat down currency exchange rates. The GBP/USD sharply plummeted to the 1.1900 mark, where it found support. By mid-Tuesday it appeared that the weekly S1 simple pivot point and the 1.1940 level were acting as resistance.

A move above 1.1940 might aim at the 1.2000 mark, which acted as support throughout most of late December. Higher above, take into account that the combination of the 50, 100 and 200-hour simple moving averages could impact the currency pair.

However, a decline below 1.1900 might find support in the weekly S2 simple pivot point at 1.1840, before reaching the 1.1800 mark.
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