GBP/USD finds support

Source: Dukascopy Bank SA


The decline of the GBP/USD did not reach the support of the 200-hour simple moving average on Thursday. Instead, the rate found support in the 1.4005/1.4015 zone, which had provided both resistance and support on Monday.

On Friday morning, the GBP/USD had recovered to the 1.4070 level, where it encountered the 55-hour simple moving average. The 55-hour SMA could provide resistance to the currency exchange rate.

In the case of the rate surging above the 55-hour simple moving average, the pair could reach for the combined resistance of the 100-hour simple moving average, the 1.4100 mark and the 1.4105/1.4110 zone.

If the rate fails to pass the 55-hour SMA, the GBP/USD could look for support in the 1.4005/1.4015 zone and the 200-hour simple moving average near 1.4000.
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Fri, 14 May 2021 07:05:27 GMT

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