GBP/USD respects technical levels

Source: Dukascopy Bank SA


The surge of the Pound against the US Dollar has encountered resistance in the weekly R1 simple pivot point at 1.2288. The following decline has found support tin the combination of the 100-hour simple moving average and the weekly simple pivot point near 1.2180.

A resumption of the GBP/USD move upwards could encounter resistance in the 50-hour simple moving average at 1.2210. Higher above, the 1.2240 level might slow down a surge, prior to the rate reaching the weekly R1 simple pivot point at 1.2288.

Meanwhile, a decline of the Pound against the USD below 1.2180 could result in the rate descending to the support of the weekly S1 simple pivot point at 1.2119 and the 200-hour simple moving average.
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