GBP/USD extends decline

Source: Dukascopy Bank SA


The weekly simple pivot point at 1.2162 eventually failed to keep the pair up and on Wednesday morning the GBP/USD almost reached the 1.2100 level. However, by mid-day the rate had recovered and reached the 1.2180 level, where resistance was provided by the 50-hour simple moving average.

A move above 1.02180 might immediately encounter resistance in the 1.2200 level, the 100-hour SMA near 1.2220 and the 1.2250 mark. Higher above, note the last week's high levels at 1.2300 and 1.2350.

On the other hand, a decline of the GBP against the USD could look for support in the 200-hour simple moving average near 1.2125 and the 1.2100 mark, before reaching the 1.2050 level and the weekly S1 simple pivot point at 1.2015.
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Wed, 07 Dec 2022 11:35:14 GMT

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