GBP/USD finds support at 1.1250

Source: Dukascopy Bank SA


The decline of the Pound against the US Dollar eventually found support in the 1.1250 level and the 100-hour simple moving average. The combination was enough to cause a surge, which on Thursday morning encountered resistance in the 50-hour SMA near 1.1380. Meanwhile, the 100-hour SMA had approached the 1.1300 mark.

In the near term future, the currency pair was expected to get squeezed in between the support of the 100 and resistance of the 50-hour simple moving averages at 1.1300 and 1.1380.

A break out from the squeeze upwards would face resistance in the 1.1500 mark, which stopped the rate's surge during the first part of this week. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 1.1812. Due to that reason, round exchange rate levels are likely to impact the rate.

Meanwhile, a decline below 1.1300 is expected to find support in 1.1250. Further below, there is no technical support as low as the 200-hour SMA near 1.1040. Namely, in the case of a decline also look at round exchange levels.
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