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The GBP/USD ended its sideways consolidation with a decline. By mid-Tuesday, the decline had reached below the 1.2750 level and had almost touched the weekly S1 simple pivot point at 1.2740.
In the case of a decline below 1.2740, the rate is expected to look for support in two zones. There are support and resistance zones at 1.2722/1.2727 and 1.2685/1.2700.
A strengthening of the Pound against the USD is expected to face resistance in the 1.2800/1.2815 range. Higher above, the 50, 100 and 200-hour simple moving averages could strengthen the 1.2830/1.2840 zone.
Tue, 01 Aug 2023 17:10:49 GMT
Source: Dukascopy Bank SA
The GBP/USD ended its sideways consolidation with a decline. By mid-Tuesday, the decline had reached below the 1.2750 level and had almost touched the weekly S1 simple pivot point at 1.2740.
In the case of a decline below 1.2740, the rate is expected to look for support in two zones. There are support and resistance zones at 1.2722/1.2727 and 1.2685/1.2700.
A strengthening of the Pound against the USD is expected to face resistance in the 1.2800/1.2815 range. Higher above, the 50, 100 and 200-hour simple moving averages could strengthen the 1.2830/1.2840 zone.