GBP/USD recovers to 1.1600

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Source: Dukascopy Bank SA


The GBP/USD currency pair appears to have ended its steep decline, as it has recovered from 1.1450 up to the 1.1600 mark. During the surge, the rate passed the resistance of the 50 and 100-hour simple moving averages and the weekly simple pivot point.

A move of the Pound higher against the US Dollar might encounter resistance in the 1.1650 level, the 200-hour simple moving average and the weekly R1 simple pivot point at 1.1675. Higher above, note the 1.1715/1.1760 zone.

However, a decline of the currency exchange rate would look for support in the 50 and 100-hour simple moving averages near 1.1560 and 1.1530. Further below, the 1.1500 and 1.1450 levels could stop a potential decline.
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Tue, 06 Sep 2022 07:54:52 GMT

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