GBP/USD approaches 1.2200 mark

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Source: Dukascopy Bank SA


The GBP/USD found support in the 200-hour simple moving average and stared a recovery. By the middle of Friday's trading, the pair had reached above the 1.2100 mark and the 50 and 100-hour simple moving averages.

A move higher by the pair might encounter resistance in the early February high level at 1.2200. Higher above, note the 1.2250 level and the February high level at 1.2270.

Meanwhile, a decline of the Pound against the US Dollar could look for support in the 50 and 100-hour simple moving averages and the 1.2100 mark. Further below, take into account the 1.2050 level and the 200-hour simple moving average.
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