GBP/USD traded above 1.2300

Source: Dukascopy Bank SA


The GBP/USD currency exchange rate has passed above the 1.2260/1.2285 range, the 1.2300 mark and the weekly R1 simple pivot point at 1.2317. However, after the gains, the pair started to retrace backwards. It was expected that it would look for support in previous resistance levels.

The Pound is highly likely going to find support against the US Dollar in the 1.2260/1.2285 range and the 50-hour simple moving average.

However, a move below this zone could look for support in the 1.2250 mark and the 100-hour simple moving average near 1.2230. Further below, note the 1.2200 mark and the combination of the 200-hour SMA and the weekly simple pivot point at 1.2177.

On the other hand, the resumption of the ongoing surge is set to again face the 1.2300 mark and the weekly R1 simple pivot point at 1.2317. Higher above, note the 1.2350 level and the combination of the weekly R2 simple pivot point and the 1.2400 mark.
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