GBP/USD again approaches 1.2250

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Source: Dukascopy Bank SA


In the aftermath of high volatility on Friday, the GBP/USD eventually reduce its range of fluctuations and started to trade between the 50-hour simple moving average near 1.2160 and the 1.2200 mark. On Monday morning, the pair broke the resistance of the 1.2200 mark and approached the 1.2250 level.

If the Pound continues to appreciate in value against the US Dollar, the currency pair would have to pass the resistance of the 1.2250 level first. Higher above, note the weekly R1 simple pivot point at 1.2293, the 1.2300 mark and the upper trend line of a channel up pattern.

Meanwhile, a potential decline of the pair might look for support in the 1.2200 mark and the 50-hour simple moving average near 1.2170. Further below, take into account the 1.2150 level and the weekly simple pivot point together with the 100-hour simple moving average near 1.2125.
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