GBP/USD bounces off support zone

Source: Dukascopy Bank SA


Since mid-Thursday, the GBP/USD has been trading above the support of the 1.3360/1.3375 zone. At mid-day on Friday, the pair bounced off the support zone and suddenly surged to the 50-hour simple moving average at 1.3425.

A move above the 50-hour simple moving average could find resistance in the combination of the weekly S2 simple pivot point and the 100-hour simple moving average at 1.3450. Higher above, note the 1.3500 mark and the weekly S1 simple pivot point.

Meanwhile, a decline would once again look for support in the 1.3360/1.3375 zone and the weekly S3 simple pivot point. Further below, the pair could be stopped by the 1.3350 or 1.3300 levels.
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