GBP/USD reaches pivot point

Source: Dukascopy Bank SA


The GBP/USD pair's decline reached the support of the weekly S1 simple pivot point at 1.3628 on Tuesday morning. The pivot point provided enough support for a recovery. In the meantime, a minor channel down pattern appears to have been capturing the rate's recent decline.

A potential surge of the pair would most likely face the resistance of the upper trend line of the channel down pattern and the 55-hour simple moving average near 1.3670. Above the 1.3670 level, the 100-hour SMA might provide resistance near 1.3715.

Meanwhile, a decline of the GBP/USD could look for support in the weekly S1 simple pivot point at 1.3628 and the lower trend line of the channel down pattern. In the case of the pivot point and the channel's support failing, the rate might find support first in the 1.3600 mark and afterwards the weekly S2 simple pivot point at 1.3567.
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Tue, 02 Nov 2021 13:52:28 GMT

USD/JPY recovers before reaching support zone

The USD/JPY began a recovery on Tuesday morning prior to reaching the support zone at 113.25/113.44. By the start of the day's US trading hours at 13:30 GMT, the pair had reached and was testing resistance near 113.80. Namely, the 100 and 200-hour simple moving averages and the weekly simple pivot point were providing resistance from 113.80 to 113.88. A passing

Tue, 02 Nov 2021 13:28:31 GMT

EUR/USD finds resistance in SMAs

The recovery of the EUR/USD has reached the resistance of the technical levels that are spread out from 1.1597 to 1.1616. At mid-day on Tuesday, the rate was finding resistance in the 100-hour simple moving average at 1.1610. If the EUR/USD passes the resistance of the 100-hour SMA, it would immediately face the resistance of the 200-hour SMA at 1.1616.

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