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The GBP/USD rate has moved above the resistance of the 1.2505/1.2510 range. However, by mid-Tuesday, the 1.2550 level was observed to have acted as resistance to the currency rate.
A breaking above 1.2550 could result in the rate testing the resistance of the weekly R1 simple pivot point at 1.2576, before the 1.2600 mark would be reached.
In the meantime, a potential decline of the Pound against the US Dollar could look for support in the 1.2505/1.2510 range. Afterwards support is set to be provided by the combination of the 1.2450 level and the 50 and 100-hour simple moving averages. Below these levels, note the 1.2400 mark, the weekly simple pivot point at 1.2386 and the support zone at 1.2373/1.2380.
Tue, 21 Nov 2023 12:43:53 GMT
Source: Dukascopy Bank SA
The GBP/USD rate has moved above the resistance of the 1.2505/1.2510 range. However, by mid-Tuesday, the 1.2550 level was observed to have acted as resistance to the currency rate.
A breaking above 1.2550 could result in the rate testing the resistance of the weekly R1 simple pivot point at 1.2576, before the 1.2600 mark would be reached.
In the meantime, a potential decline of the Pound against the US Dollar could look for support in the 1.2505/1.2510 range. Afterwards support is set to be provided by the combination of the 1.2450 level and the 50 and 100-hour simple moving averages. Below these levels, note the 1.2400 mark, the weekly simple pivot point at 1.2386 and the support zone at 1.2373/1.2380.