GBP/USD decline reaches 1.2150

Note: This section contains information in English only.
Source: Dukascopy Bank SA


During the midnight hours from Tuesday to Wednesday, the GBP/USD reached and shortly traded below the 1.2150 mark. However, the event was followed by a recovery. During the European morning hours, the rate managed to reach back up to the 1.2200 level.

A move of the Pound against the US Dollar might encounter resistance in the 50-hour simple moving average near 1.2215. Higher above, note that the 1.2250 level could slow down a potential surge, before the rate reaches the weekly R1 simple pivot point at 1.2293 and the 1.2300 mark.

On the other hand, a decline of the currency exchange rate is expected to look for support in the combination of the 1.2150 mark and the lower trend line of a channel up pattern. Below the trend line, take into account the weekly simple pivot point at 1.2127 and the 200-hour simple moving average.
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