GBP/USD is kept down at 1.2200

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Source: Dukascopy Bank SA


The recent surge of the GBP against the US Dollar ahs encountered resistance in the early February high level at 1.2200. Meanwhile, support appears to be found in a an ascending trend line.

A move above the 1.2200 mark might find resistance in various levels. First level is the 1.2250 mark. Secondly, note the February high level at 1.2270. Above these levels, the weekly R2 simple pivot point could slow down the rate, before the 1.2300 mark is reached.

However, a decline of the Pound versus the USD is expected to look for support in the 50-hour simple moving average near 1.2125, prior to reaching the 1.2100 and 1.2050 levels. These levels have acted as support and resistance during the early trading of this week.
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