GBP/USD pierces resistance zone

Source: Dukascopy Bank SA


On Tuesday, the GBP/USD currency pair managed to break the resistance zone at 1.2718/1.2727. However, the 1.2740 level acted as resistance and forced the pair back below the zone. On Wednesday, the mentioned range still kept the pair down. Meanwhile, support was found in the combination of the 1.2700 mark and the 50 and 200-hour simple moving averages.

Another move above 1.2727 is expected to face resistance at 1.2740. Higher above, note the weekly R1 simple pivot point at 1.2769 and the 1.2800 mark.

However, in the case of a decline below the 50 and 200-hur simple moving averages at 1.2700, the Pound might look for support against the US Dollar in the weekly simple pivot point and the 100-hour simple moving average at 1.2680. Further below, note that the 1.2660 level has acted as support.
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Wed, 05 Jul 2023 10:34:55 GMT

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