GBP/USD remains in previous range

Source: Dukascopy Bank SA


By mid-Wednesday, the pair continued to bounce between the support range at 1.2040/1.2050 and resistance at 1.2218/1.2225.

A decline might look for support in the 1.2120 level and the zone above it. Further below, Note the two October low level zones at 1.2105/1.2110 and 1.2040/1.2050. In addition, the weekly S1 could provide support at 1.2060.

On the other hand, a potential surge of the Pound against the US Dollar is set to face various resistance levels. The rate is set to face the the weekly simple pivot point at 1.2198 and the 1.2200 mark. Afterwards, note the combined resistance of the 200-hour simple moving average and the 1.2218/1.2225 zone. Meanwhile, the 50 and 100-horu SMAs appear to be ignored.
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