GBP/USD 1.2250 turns into support

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Source: Dukascopy Bank SA


The pair has found support near the 1.2250 level. Meanwhile, resistance appears to be provided by the 1.2300/1.2310 range.

On Thursday, it was spotted that the pair is being approached by the 200-hour simple moving average near 1.2240. If the SMA pushes the rate higher, it would test the 1.2300/1.2310 range. Above 1.2310 the 1.2350 and 1.2400 levels and the 100-hour simple moving average could act as resistance, before the rate reaches the November high level at 1.2430.

In the case of a decline of the GBP/USD below the 1.2240 level, the Pound might look for support against the US Dollar in the 1.2200 level and the weekly S1 simple pivot point at 12182.
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