GBP/USD reveals trend lines

Source: Dukascopy Bank SA


The GBP/USD resumed its descent after the release of the better than expected US ISM Services PMI survey results. In the aftermath of the initial drop, it was spotted that the recent lower low and lower high levels can be connected to reveal support and resistance lines. At mid-day on Thursday, the rate was looking for support in the combination of the recently spotted support line and the weekly S2 simple pivot point at 1.2447.

In the case of the Pound extending the decline against the US Dollar, it would have to break the support line and the weekly S2 simple pivot point at 1.2447. Below these levels, the 1.2400 mark might turn into support.

However, if the Pound starts to recover, take into account that the 1.2500 mark is capable of acting as both support and resistance. In this case it would act as resistance. Above 1.2500, take into account the weekly S1 simple pivot point at 1.2515 and the 50-hour simple moving average near 1.2530 and the resistance line that connects the September high levels.
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Thu, 07 Sep 2023 13:04:05 GMT

USD/JPY shows resistance

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