GBP/USD finds support in pivot point

Source: Dukascopy Bank SA


The GBP/USD has reached the support of the weekly S1 simple pivot point at 1.2170.

A recovery from the 1.2170 level could encounter resistance in the 1.2200 mark and the 50-hour simple moving average near 1.2220. Higher above, note the 1.2250 level and the 100-hour simple moving average.

However, in the case of a resumption of the decline of the Pound against the US Dollar, the rate would look for support in the weekly S1 at 1.2170 and the lower trend line of the channel down patter. Further below, take into account the 1.2150 level.
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