GBP/USD recovers after sharp drop

Source: Dukascopy Bank SA


On Friday, the GBP/USD reacted to the strengthening of the US Dollar, which was caused by the US monthly employment data release. The decline of the pair eventually found support in the 1.2548/1.2579 range and started a recovery. By mid-Monday, the rate had reached the combined resistance of the 50, 100 and 200-hour simple moving averages near 1.2650.

A move above the 1.2650 mark could encounter resistance in the upper trend line of the channel down pattern that captures the pair's recent decline. Higher above, note the weekly R1 simple pivot point at 1.2699 and the 1.2700 mark.

However, a potential bounce off from the resistance could result in the rate looking for support in the weekly simple pivot point at 1.2631 and the 1.2620 level. Further below, the 1.2548/1.2579 range might once again stop a decline.
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Mon, 04 Sep 2023 11:38:58 GMT

USD/JPY tests resistance zone

The recovery from the 144.50 mark has encountered resistance in the 146.30/146.60 range. If the USD/JPY reaches above the 146.60 level, the rate could be slowed down by the 147.00 mark, before the 147.23/147.36 August high level range. On the other hand, a possible decline of the US Dollar against the Yen could look for support in the 146.00

Mon, 04 Sep 2023 11:23:25 GMT

EUR/USD reveals support zone

The EUR/USD has confirmed a support zone near the August low level of 1.0766. Namely, there is support at 1.0766/1.0771. The support zone has caused a recovery, due to which the pair is heading to the resistance levels near 1.0830. Near the 1.8030 level, the rate is set to face the combination of the 50, 100 and 200-hour simple

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