GBP/USD finds support in February low

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Source: Dukascopy Bank SA


On Tuesday, the squeeze of the GBP/USD currency exchange rate between the 50 and 100-hour simple moving averages resulted in a break-out downwards. During the early hours of Wednesday's trading, the pair found support in the February low level at 1.3275. By the start of the day's US trading at 14:30 GMT, the rate had recovered and touched the 1.3330 level. Meanwhile, the 1.3300 round exchange rate level did not impact the pair.

If the Pound continues to surge against the US Dollar, the currency exchange rate might encounter resistance in the 50 and 100-hour simple moving averages near the 1.3370 mark. Above the SMAs, the weekly simple pivot point near 1.3428 could act as resistance. Meanwhile, take into account that the pair had been respecting the round exchange rate levels of 1.3350 and 1.3400.

On the other hand, a decline of the currency pair would have to pass the February low level at 1.32750, before looking for support in the 1.3250 mark or the weekly S1 simple pivot point at 1.3218.
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