GBP/USD recovers from September low level

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Source: Dukascopy Bank SA


The GBP/USD found enough support in the September low level zone to start a recovery. The recovery first reached the resistance of the 1.3500 mark, which kept the rate down until the middle of Monday's GMT trading hours.

During the afternoon, the GBP/USD was surging sharply. By 15:30 GMT, the rate was testing the resistance of the 100-hour simple moving average at 1.3568.

A passing of the resistance of the 100-hour simple moving average could result in the rate testing the 1.3600 level and the 1.3605/1.3610 zone, which managed to impact the GBP/USD at the start of November. Above the mentioned resistance levels, the pair might encounter resistance at the 200-hour simple moving average at 1.3644.

Meanwhile, a bounce off from the resistance of the 100-hour SMA could look for support in the weekly simple pivot point at 1.3543. Below the pivot point, the rate might find support in the 1.3500 mark and the 50-hour simple moving average.
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