GBP/USD pierces support zone

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


On Wednesday morning, the GBP/USD currency pair shortly reached below the support zone at 1.2980/1.2989. Meanwhile, it appeared that the 1.3020 level and the 50-hour simple moving average acted as resistance. In addition, the 100-hour SMA was approaching from above.

In the near term future, the pair might clearly pass below the 1.2980 level and approach the weekly S1 simple pivot point at 1.2953 and the 1.2950 mark. Further below, there is no close by technical support on the hourly candle chart.

However, a potential recovery of the Pound, compared to the US Dollar, would have to pass above the 50 and 100-hour simple moving averages at 1.3017 and 1.3030. Higher above, note the resistance zone at 1.3045/1.3055, the weekly simple pivot point at 1.3060 and the approaching 200-hour simple moving average.
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Wed, 13 Apr 2022 13:13:45 GMT

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