GBP/USD declines before reaching resistance

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Source: Dukascopy Bank SA


On Thursday morning, the GBP/USD currency pair reversed its direction even before reaching the week's high levels and the weekly simple pivot point at 1.3428. By the end of the day's US trading hours, the rate had declined below the 50 and 100-hour simple moving averages near 1.3350 and 1.3375 levels.

A continuation of the decline of the Pound against the US Dollar could look for support in the 1.3300 mark, before reaching the February and March low level at 1.3275. The low level has been acting as support and reversing declines since the February 24 Russian invasion of Ukraine caused decline.

However, a surge of the pair would have to pass the 50 and 100-hour simple moving averages near 1.3350 and 1.3375. Further above, the week's high level zone has been marked. Note that the 200-hour SMA is approaching the zone.
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