GBP/USD reaches below 1.2300

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


At mid-day on Wednesday, the US Consumer Price Index caused a drop of the GBP/USD, which shortly reached below the 1.2300 mark. However, the rate almost immediately recovered to trade back near the 1.2350 level.

If the pair clearly declines below 1.2300 the pair could find support in the 2020 July low level at 1.2260. Further below, support is highly likely going to be provided by 1.2250 and the weekly S1 simple pivot point at 1.2197 together with the 1.2200 level.

Meanwhile, a recovery of the Pound against the US Dollar would have to pass the 1.2400 mark, the April low levels at 1.2413/1.2423 and the weekly simple pivot point at 1.2417. Note that the pair ignored the resistance of the 100-hour simple moving average, which approached from above.
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Wed, 11 May 2022 13:44:09 GMT

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Wed, 11 May 2022 13:19:10 GMT

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