GBP/USD passes below support

Source: Dukascopy Bank SA


On Tuesday morning, the GBP/USD currency exchange rate passed below the support zone at 1.2390/1.2395. Next target for the decline might be the weekly S1 simple pivot point at 1.2373.

Below the weekly S1 simple pivot point, there is no technical support as low as the 1.2300 mark and the weekly S2 simple pivot point at 1.2304. Further below, the weekly S3 could slow down the rate at 1.2218. However, note the April low level zone at 1.2345/1.2350.

On the other hand, a potential recovery of the Pound against the US Dollar might encounter resistance in the 1.2390/1.2395 range. Higher above, note the combination of the 50 and 100-hour simple moving averages near 1.2440, the weekly simple pivot point at 1.2459 and the resistance zone at 1.2470/1.2480. In addition, the 200-hour SMA has approached the resistance zone.
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Tue, 23 May 2023 09:55:33 GMT

USD/JPY resumes its surge

The US Dollar found enough support in the 137.50/137.80 range to resume its surge against the Japanese Yen. During early hours of Tuesday, the pair made an attempt to reach the 139.00 level. A continuation of the USD/JPY surge might be slowed down by the 139.00, 139.50 and 140.00 levels. In addition, note the weekly R1 and R2 simple pivot points

Tue, 23 May 2023 09:33:43 GMT

EUR/USD retreats below 1.0800

The EUR/USD has bounced off the resistance zone at 1.0825/1.0830 and declined below 1.0800 level. Moreover, the pair has passed the support of the 55-hour simple moving average. An extension of the ongoing decline might result in the pair once again looking for support in the 1.0760 level. Further below, the weekly S1 could act as support at 1.0740,

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