GBP/USD drops due to PMI

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


On Tuesday, at 08:30 GMT, the GBP/USD plummeted because of the publication of the Markit Flash Manufacturing and Services Purchasing Managers Index survey results. The Pound lost value due to the revelation that the Services PMI was at 51.8 instead of the forecast 56.9.

At mid-day, the rate's decline had paused, as the pair found support in the 100-hour simple moving average near 1.2475.

If the pair recovers, resistance might be encountered in the 50-hour simple moving average near 1.2535 and the 1.2550 level. Higher above, note the May high level zone at 1.2590/1.2615.

Meanwhile, a decline below the support of the 100-hour SMA could result in the pair looking for support in the 1.2450 mark. Below 1.2450, the combination of the weekly simple pivot point at 1.2407, the 1.2400 and the 200-hour simple moving average near 1.2390 might provide support.
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Tue, 24 May 2022 10:49:24 GMT

USD/JPY approaches support zone

The USD/JPY encountered resistance in the 100-hour simple moving average and the 128.00 mark at midnight to Tuesday. During the first half of Tuesday's trading hours, the pair had declined and approached the support of the 127.00 level. In the case that the pair reaches below the 127.00 mark, the weekly S1 simple pivot point at 126.60 might act as support.

Tue, 24 May 2022 10:09:34 GMT

EUR/USD encounters resistance in pivot point

The surge of the Euro, which was caused by the ECB, continued on into Tuesday's trading. During the early hours of the day, the EUR/USD reached the resistance of the weekly R2 simple pivot point at 1.0737. A move above the pivot point would highly likely encounter resistance in the 1.0750 and 1.0800 levels, before reaching the upper trend line

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