GBP/USD reaches below support

Source: Dukascopy Bank SA


The GBP/USD currency pair shortly traded below the 1.2340 level on Thursday morning. However, the event was followed by a recovery up to the 50-hour simple moving average and the 1.2390/1.2395 zone.

A bounce off from the combination of the 50-hour SMA, the 1.2390/1.2395 range and the 1.2400 mark would result in the pair declining back to the 1.2340 level, which acted as support on Thursday morning. Further below, note the 1.2300 mark and the weekly S2 simple pivot point at 1.2304.

On the other hand, a move above 1.2400 could be slowed down by the 100-hour SMA near 1.2415. Higher above, note the 200-hour simple moving average near 1.2440 and the weekly simple pivot point at 1.2459.
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