GBP/USD finds support in moving average

Source: Dukascopy Bank SA


On a month-on-month basis the United Kingdom gross domestic product has increased by 0.5%, instead of the market consensus forecast of 0.4%. The higher than forecast GDP revealed that the Bank of England has room for interest rate hikes. Due to that reason, the Pound surged against peer currencies. The GBP/USD surged nearly 34 base points or 0.27%.

Coincidentally, the event matched the pair finding support in the 100-hour simple moving average . By 10:00 GMT on Monday, the recovery had reached the 1.2280 level.

An extension of the currency pair's recovery might be slowed down by the 1.2300 mark and the Friday's high level at 1.2320. Higher above, note the 1.2350 level and the weekly R1 simple pivot point at 1.2371.

On the other hand, a decline of the Pound against the US Dollar is expected to look for support first in the weekly simple pivot point at 1.2238 and the 50-hour simple moving average. Further below, the combination of the 100 and 200-hour simple moving averages and the 1.2200 mark are highly likely to impact the rate.
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Mon, 12 Dec 2022 10:35:46 GMT

USD/JPY reveals support zone

On Friday, the USD/JPY currency pair found support in the 135.60/135.75 zone. By the middle of Monday's trading hours, the pair had reached above the 137.00 mark. Meanwhile, support appeared to be provided by the 50, 100 and 200-hour simple moving averages near 136.50. A continuation of the recovery might be slowed down by the 137.50 level, before the pair reaches

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