GBP/USD trades almost flat

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the middle of December 23, the GBP/USD currency exchange rate has been trading sideways between the 1.3400 mark and a resistance zone above 1.3420. The sideways trading could be explained by the lack of direction caused by the holiday season.

If the GBP/USD breaks the resistance of the 1.3423/1.3439 zone, the pair could reach the weekly R1 simple pivot point at 1.3499 and the 1.3500 mark. Above these levels, the mid-November high levels could act as resistance at the 1.3510/1.3513 zone. Even higher above, take into account the weekly R2 simple pivot point at the 1.3600 mark.

Meanwhile, a bounce off from the resistance zone might look for support in the 50-hour simple moving average near 1.3400 and the 1.3400 mark. Below the 1.3400 mark, the most close by support is provided by the previous December high level zone and the 100-hour simple moving average near 1.3365/1.3375. Meanwhile, the weekly simple pivot point could act as support at 1.3336.
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