GBP/USD fails to reach 1.2350

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Source: Dukascopy Bank SA


The GBP/USD did not reach the 1.2350 level, despite making attempts for two days. The pair has revealed that it faces resistance at 1.2335/1.2345. On Friday, the currency pair had declined below 1.2300 and the 50-hour simple moving average.

A decline below the 100-hour SMA and the weekly R1 simple pivot point at 1.2260 and 1.2247 might result in a move to the 1.2200 mark and the 200-hour simple moving average. Further below, take into account the 1.2150 level and the weekly simple pivot point at 1.2129.

On the other hand, a recovery of the Pound against the US Dollar might encounter resistance in the 1.2300 level, before testing the 1.2335/1.2345 range.
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