GBP/USD encounters resistance in moving average

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Source: Dukascopy Bank SA


The US employment data release on Friday caused a drop of the GBP/USD below the support zone near 1.2080 and the 1.2050 level. The pair eventually found support near 1.2000 and recovered. During Monday's trading, the recovery encountered resistance in the 100-hour simple moving average near 1.2130.

An extension of the decline of the Pound against the US Dollar might look for support in the 1.2050 mark, which acted as support during the early hours of this week's trading. Further below, note the 1.2000 mark.

However, a surge of the currency rate would have to pass the 100-hour simple moving average, prior to approaching the 1.2150 mark and the 200-hour simple moving average. Higher above, note the resistance zone at 1.2195/1.2215.
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Mon, 08 Aug 2022 18:48:36 GMT

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