GBP/USD reaches 1.3450

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Source: Dukascopy Bank SA


The GBP/USD pair touched the 1.3450 mark at mid-day on Monday. However, the round exchange rate level acted as resistance and caused a retracement to the 1.3400 level and the 50-hour simple moving average. In the meantime, some resistance was being provided by the 100-hour simple moving average and the weekly simple pivot point near 1.3440.

In the case that the pair surges and passes the 1.3450 mark, it would face no technical resistance as high as the 1.3500 mark. At that level, note the 200-hour simple moving average. Higher above, the weekly R1 simple pivot point at 1.3528 might stop a surge.

Meanwhile, a potential decline is highly likely going to look for support in the 50-hour simple moving average and the 1.3400 level. Below these levels, the pair might find support in the 1.3360/1.3375 zone.
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