GBP/USD reveals resistance line

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In the aftermath of the Bank of England rate hike, the GBP/USD currency exchange rate eventually recovered. However, it was spotted on Friday that the recent high levels of the pair form a resistance line.

If the Pound surges against the US Dollar, it would have to pass the resistance of the 50-hour simple moving average near the 1.3140 mark, before approaching the recent-high-level-connecting trend line. Higher above, note the weekly R1 simple pivot point at 1.3171 and the 1.3200 level.

On the other hand, a decline of the currency exchange rate is most likely going to find support in the zone at 1.3080/1.3100. The previous high and low level zone is being strengthened by the 100 and 200-hour simple moving averages and the weekly simple pivot point.
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