GBP/USD bounces off moving average

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


The recovery of the Pound against the US Dollar has encountered resistance in the 200-hour simple moving average, which strengthened the 1.2200 mark. On Friday, the currency pair had reached back to 1.2100.

A resumption of the broader decline of the Pound against the US Dollar could look for support in round levels at 1.2050 and 1.2000, prior to approaching the February low level zone at 1.1960/1.1970. Below the zone, note the previous low levels of the pair at 1.1900 and 1.1840.

However, in the case of a recovery of the GBP/USD the pair is set to face the 200-hour simple moving average near the 1.2150 level and the 1.2200 mark. Higher above, note the low and high level zones that surround the 1.2250 level.
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