GBP/USD recovers due to fundamentals

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Source: Dukascopy Bank SA


Talks between Russia and Ukraine on Tuesday were assumed to have caused a risk on sentiment in the markets, which resulted in an all out decline of the US Dollar. However, prior to the drop of the USD, the rate had reached the 1.3060 level's support.

At mid-day on Tuesday, the pair was testing the resistance of the 100 and 200-hour simple moving averages near the 1.3160/1.3170 levels. In the meantime, support was found in the 50-hour simple moving average at 1.3130.

If the pair reaches above the 1.3160/1.3170 zone, the rate might reach for the 1.3200 mark and the weekly simple pivot point at 1.3198. On the other hand, a decline is expected to look for support at 1.3100 and the weekly S1 simple pivot point at 1.3097, before reaching the 1.3060 level.
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Tue, 29 Mar 2022 15:32:01 GMT

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