GBP/USD respects two zones

Source: Dukascopy Bank SA


The decline of the GBP/USD eventually broke the channel up pattern, but found support in the 1.3300/1.3315 range. Since then, the pair has been testing the resistance of the high level range at 1.3425/1.3435. In the meantime, support has been provided by the 50 and 100-hour simple moving averages.

A breaking above the 1.3435 level might result in the pair encountering resistance at the 1.3450 level and the weekly R1 simple pivot point at 1.3454. Higher above, note the 1.3500 mark and the weekly R2 simple pivot point at 1.3537.

In the case of a Pound's decline against the US Dollar, the rate is expected to look for support in the 50 and 100-hour simple moving averages. If the SMAs fail, the combination of the weekly simple pivot point and the 200-hour SMA might stop a decline near 1.3350, before the pair reaches the 1.3300/1.3315 zone.
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