GBP/USD encounters resistance

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


The major surge of the Pound against the US Dollar has stopped at the 1.2436 level. This level marks the start of the December high level zone. The zone is located from 1.2435 up to 1.2450. The resistance was enough to cause a decline of the pair below 1.2350.

In the case of a decline of the Pound against the US Dollar, the rate might find support in the 50-hour simple moving average near 1.2315 and the 1.2300 mark. Further below, note the combination of the weekly R1 simple pivot point at 1.2288 and the 100-hour simple moving average. Even farther below, the 200-hour SMA might strengthen the 1.2250 mark.

However, a resumption of the move up by the GBP/USD is expected to face resistance in the 1.2350 level, the weekly R2 simple pivot point at 1.2353 and the 1.2400 mark, before testing the December high level zone at 1.2435/1.2450.
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