GBP/USD recovers after reaching 1.2000

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Source: Dukascopy Bank SA


After reaching below the 1.2000 mark, the GBP/USD rate touched the 1.1977, prior to starting a recovery. By the middle of Monday's trading hours, the pair had recovered and reached above the 1.2150 mark.

A continuation of the surge of the Pound against the US Dollar might test the resistance zone, which surrounds the 1.2200 mark and the 200-hour simple moving average. Higher above, note the 1.2250 level and the weekly R1 simple pivot point at 1.2290 together with the 1.2300 mark.

On the other hand, a decline of the currency exchange rate could look for support first in the combination of the 100-hour simple moving average and the weekly simple pivot point at 1.2133. Further below, note the zone around the 1.2100 mark.
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