GBP/USD bounces off 1.2050

Source: Dukascopy Bank SA


On Thursday, the GBP/USD currency rate extended its surge, as it eventually reached the 1.2050 level. The 1.2050 mark was enough to cause a decline, which by the middle of Friday's European trading hours had reached below 1.1950. In the meantime, the pair appeared to have found resistance in the 1.1960 level, which marks the 2019 low level.

If the pair continues to decline, the 1.1875/1.1900 zone might once again act as support, as it did during the early part of this week. Further below, the 1.1850 and 1.1800 levels might act as support, before the rate reaches the weekly S3 simple pivot point at 1.1777.

However, a potential recovery of the Pound against the US Dollar might encounter resistance in the 1.2000 and 1.2050 levels. Note that it was observed that since the middle of Thursday's trading the pair was ignoring the simple moving averages and the weekly S1 simple pivot point at 1.1934.
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