GBP/USD finds support and breaks pattern

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Source: Dukascopy Bank SA


The GBP/USD broke the channel down pattern, before it even approached the 1.2000 mark. Due to that reason, the pair's decline could be considered over. Meanwhile, during Tuesday's trading hours, the pair fluctuated in the 1.2010/1.2060 range.

A broad recovery of the Pound against the US Dollar might encounter resistance in the 50-hour simple moving average near 1.2085, the 1.2100 mark, the 200-hour simple moving average near 1.2120. Higher above, note the 1.2150 level, which is strengthened by the 100-hour SMA and the weekly simple pivot point at 1.2152.

However, a decline of the currency exchange rate might look for support in the 1.2000 mark, prior to approaching the 1.1950 level and the weekly S2 simple pivot point at 1.1922.
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