GBP/USD encounters resistance in pivot point

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Source: Dukascopy Bank SA


At mid-day on Monday, the GBP/USD currency exchange rate managed to reach above the resistance zone, which surrounds the 1.2050 level. Since the event, the rate has been finding resistance in the weekly R1 simple pivot point at 1.2087. Meawnhile, the previous resistance zone was acting as support.

If the Pound declines against the US Dollar, it might look for support in the 50 and 100-hour simple moving averages near 1.2020 and 1.2000. Further below, note the weekly simple pivot point at 1.1975 and a trend line, which connects the pair's July low levels.

On the other hand, a potential move above the weekly R1 simpe pivot point at 1.2087 might encounter resistance in the 1.2100 mark.
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