GBP/USD pierces support

Source: Dukascopy Bank SA


The broader strength of the US Dollar has resulted in the GBP/USD pair passing below the 1.2548/1.2579 range. However, the event has not been followed by a larger decline of the rate. During Tuesday's European trading hours, the rate fluctuated around the pierced support zone, as if confirming it as resistance before resuming the broader decline.

A resumption of the GBP decline against the USD Dollar is expected to look for support in the combination of the weekly S1 simple pivot point at 1.2515 and the 1.2500 mark. Further below, note the weekly S2 at 1.2447.

On the other hand, a move above the 1.2580 level could be stopped by the descending 50, 100 and 200-hour simple moving averages near the 1.2600 mark. Higher above, take into account the weekly simple pivot point at 1.2631.
Back to articles

Actual Topics

Tue, 05 Sep 2023 15:52:09 GMT

USD/JPY reaches new high

The surge of the US Dollar continues. The USD/JPY currency exchange rate reached above the 147.50 mark and the weekly R1 simple pivot point at mid-day on Tuesday. The two levels appeared to have become support to a potential resumption of the broader surge. A move of the currency pair higher is expected to encounter resistance in the 148.00 or

Tue, 05 Sep 2023 15:31:33 GMT

EUR/USD passes below support

The 1.0800 mark provided enough resistance to keep the EUR/USD down until the 50-hour simple moving average approached and caused a decline. The rate passed below the 1.0766/1.0771 range. By mid-Tuesday the currency pair was heading to the 1.0700 mark. Note that the 1.0700 level was strengthened by the lower trend line of the channel down pattern. A potential recovery

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.