GBP/USD faces 1.2400 level

Source: Dukascopy Bank SA


The GBP/USD surge has been slowed down by the combination of the 1.2400 mark and the weekly R2 simple pivot point at 1.2423. On Friday morning, the pair found support in the 1.2360 level, which has acted as both support and resistance during this week.

A surge of the pair above 1.2400 would have to pass the weekly R2 simple pivot point, before approaching the 1.2500 mark. Note that the pivot points are set to be recalculated on Monday.

On the other hand, a decline below 1.2360 could find support in the 50 and 100-hour simple moving averages near 1.2350 and 1.2330. Further below, note the 1.2300 mark and the 200-hour SMA. Meanwhile, the pair has ignored the weekly R1 simple pivot point at 1.2325.
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Fri, 31 Mar 2023 13:56:07 GMT

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