GBP/USD respects round levels

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


It has been observed that the GBP/USD currency pair has been respecting the support and resistance of the 1.2300, 1.2250 and 1.2200 levels. Meanwhile, moving average provide lesser impact on the rate. Due to this reason it is assumed that round exchange rate levels are set to continue to impact the pair.

The ongoing decline of the GBP against the US Dollar is expected to look for support in the 1.2200 level. Afterwards, the 1.2150 level could slow down a decline, before the rate reaches the 1.2100 mark. The 1.2100 level has acted as support and resistance throughout October. In the case of the 1.2100 being passed, note that the 1.2050 level reversed the rate's decline in early October.

On the other hand, a potential surge of the GBP/USD rate is set to face the 1.2250 and 1.2300 levels that have acted as resistance and support throughout November. Higher above, note the 1.2350 and 1.2400 levels that could impact the rate, despite not showing strength during the early trading of the month. Above these levels the November high of 1.2430 might cause another decline.
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Fri, 10 Nov 2023 11:53:58 GMT

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