GBP/USD books new May low

Source: Dukascopy Bank SA


The GBP/USD has passed below the 1.2445 level and booked a new May low level at 1.2420.

In the case of the Pound continuing to lose value against the US Dollar, the rate could look for support in the 1.2400 mark and the weekly S1 simple pivot point at 1.2365. Below these levels, note the 1.2350 and 1.2300 levels.

However, a recovery of the Pound against the US Dollar might encounter resistance in the 1.2500 mark and the 50 and 100-hour simple moving averages. Higher above, note the weekly simple pivot point at 1.2522 and the resistance zone below 1.2550. In addition, the 200-hour simple moving average appears to be descending near 1.2560.
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Wed, 17 May 2023 13:00:53 GMT

USD/JPY aims at May high

The surge of the USD/JPY continues. Mid-Wednesday the currency pair passed above the combined resistance of the weekly R2 and the 137.00 mark. It was expected that the rate could soon reach for the May high level zone at 137.50/137.75. A move above 137.75 could be slowed down by the 138.00 mark or the weekly R2 simple pivot point at 138.35.

Wed, 17 May 2023 11:18:24 GMT

EUR/USD reaches new low

The 1.0900 mark held and caused a decline, which on Wednesday morning passed below the support of the 1.0845 level. A continuation of the ongoing decline of the Euro against the US Dollar might look for support in the 1.0800 mark and the weekly S1 simple pivot point at 1.0779. Further below, note the weekly S2 simple pivot point

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