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On Thursday, the GBP/USD sharply plummeted to the 1.3275 mark. By doing so, the pair reached below the 2022 low level. Afterwards, the rate recovered and started to trade above the 2022 low level zone at 1.3360/1.3370. In the meantime, on Friday, the pair was being approached by the resistance of the 50-hour simple moving average.
If the resistance of the 50-hour simple moving average provides resistance, the pair would have to pass below the 2022 low level zone at 1.3360/1.3370, before testing the support of the 1.3350 mark and the weekly S2 simple pivot point at 1.3349. Further below, the recent low level at 1.3275 might act as support.
However, a potential surge above the 50-hour SMA near 1.3435 could find resistance in the 1.3450 level. Higher above, take into account the zone at 1.3485/1.3500, the weekly S1 simple pivot point at 1.3505 and the 100-hour simple moving average.
Fri, 25 Feb 2022 17:37:34 GMT
Source: Dukascopy Bank SA
On Thursday, the GBP/USD sharply plummeted to the 1.3275 mark. By doing so, the pair reached below the 2022 low level. Afterwards, the rate recovered and started to trade above the 2022 low level zone at 1.3360/1.3370. In the meantime, on Friday, the pair was being approached by the resistance of the 50-hour simple moving average.
If the resistance of the 50-hour simple moving average provides resistance, the pair would have to pass below the 2022 low level zone at 1.3360/1.3370, before testing the support of the 1.3350 mark and the weekly S2 simple pivot point at 1.3349. Further below, the recent low level at 1.3275 might act as support.
However, a potential surge above the 50-hour SMA near 1.3435 could find resistance in the 1.3450 level. Higher above, take into account the zone at 1.3485/1.3500, the weekly S1 simple pivot point at 1.3505 and the 100-hour simple moving average.