GBP/USD approaches resistance zone

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Source: Dukascopy Bank SA


The combination of the 50 and 100-hour simple moving averages together with the weekly simple pivot point failed to hold. The levels were passed and started to act as support. During the first part of Wednesday's European trading hours, the GBP/USD was approaching the resistance zone near 1.1950, as the weekly simple pivot point provided support at 1.1876.

If the Pound reaches above the 1.1950 mark against the US Dollar, the 1.2000 level is expected to act as resistance. In mid November, the pair shortly pierced the round level, but reversed, as it approached the 1.2030 level. Higher above, note the weekly R1 simple pivot point at 1.2041.

However, a decline below the weekly simple pivot point at 1.1876 could find support in the 50, 100 and 200-hour simple moving averages in the 1.1840/1.1860 range. Further below, note that the 1.1800 is set to slow down the rate, before the 1.1762/1.1779 zone would be reached.
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Wed, 23 Nov 2022 11:21:03 GMT

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