GBP/USD encounters resistance at 1.2400

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Source: Dukascopy Bank SA


The surge of the GBP/USD eventually found resistance in the 1.2400 mark and the weekly simple pivot point. The resistance was strong enough to cause a decline to the 1.2250 level, which acted as support during the early hours of Friday's trading.

If the Pound resumes its recovery against the US Dollar, note the 1.2400 mark and the resistance zone around 1.2450 and the 1.2500 level.

On the other hand, in regards to support, note that below the 1.2250 mark there is a cluster of technical support levels around the 1.2200 level. Namely, the 1.2200 level is being strengthened by the 50-hour simple moving average and the weekly S1 simple pivot point. Further below, take into account the 1.2150 level and the 100-hour simple moving average.
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