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The recovery of the Pound against the US Dollar has reached the resistance of the 200-hour simple moving average near 1.2250.
A move above the 200-hour simple moving average would result in the currency pair testing the resistance of the upper trend line of the channel down pattern. If the pattern is broken, the rate should approach the combination of the weekly simple pivot point and the 1.2300 mark.
However, a decline of the Pound against the Greenback is expected to look for support in the 50 and 100-hour simple moving averages and the weekly S1 simple pivot point at 1.2170. Below this level, take into account the weekly S2 simple pivot point and the 1.2100 mark.
Fri, 29 Sep 2023 09:46:55 GMT
Source: Dukascopy Bank SA
The recovery of the Pound against the US Dollar has reached the resistance of the 200-hour simple moving average near 1.2250.
A move above the 200-hour simple moving average would result in the currency pair testing the resistance of the upper trend line of the channel down pattern. If the pattern is broken, the rate should approach the combination of the weekly simple pivot point and the 1.2300 mark.
However, a decline of the Pound against the Greenback is expected to look for support in the 50 and 100-hour simple moving averages and the weekly S1 simple pivot point at 1.2170. Below this level, take into account the weekly S2 simple pivot point and the 1.2100 mark.