GBP/USD finds resistance in previous support

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


Last week, the GBP/USD was finding constant support in the zone that surrounds the 1.3050 mark. On Friday, the rate plummeted below the 1.3050 level and even pierced the 1.3000 level. On Monday, the currency pair was trading between a support zone at 1.2980/1.2989 and resistance at 1.3045/1.3055.

If the currency pair decline below the 1.2980 level, support might be found in the combination of the weekly S1 simple pivot point at 1.2953 and the 1.2950 mark. Further below, note the 1.2900 mark and the weekly S2 simple pivot point at 1.2875.

Meanwhile, a potential surge of the Pound against the US Dollar might encounter not only resistance of the 1.3045/1.3055 zone, but also the 50 and 100-hour simple moving averages at 1.3040 and 1.3060 and the weekly simple pivot point at 1.3060.
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