GBP/USD trades at 1.1900/1.2000 range

Source: Dukascopy Bank SA


Since the middle of Wednesday's European trading hours, the GBP/USD has been trading between the 1.1900 and 1.2000 mark. Meanwhile, it appears that the pair is shortly impacted by the 1.1950 level and the 1.1960/1.1970 zone, which previously acted as support.

On Friday morning, the pair was testing the support of the 1.1950 level. If the support level holds, the rate is expected to surge and test the resistance of the 1.2000 mark. A move above 1.2000 could encounter resistance in the zone that surrounds the 1.2050 mark. Meanwhile, note that the rate has been ignoring the weekly R1 simple pivot point at 1.2012.

On the other hand, a decline of the pair below 1.1950 is set to find minor support in the 200-hour simple moving average near 1.1920, prior to reaching the 1.1900 mark.
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