GBP/USD books new low prior to recovering

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


The GBP/USD currency exchange rate has reached the 1.2040 level, which served as support. The reaching of the new low level was followed by a steep recovery of the pair. By mid-Wednesday, the rate was approaching the 200-hour simple moving average near 1.2170.

A move above 1.2170 could face the combined resistance of the weekly simple pivot point, the 1.2200 mark and the upper trend line of the channel down pattern. A move above these levels might face resistance in the 1.2220 level that has acted as resistance last week.

On the other hand, a potential decline of the Pound against the US Dollar is set to look for support first in the 100-hour SMA near 1.2150. Below the moving average, take into account the weekly S1 simple pivot point at 1.2112 and the 50-hour simple moving average near 1.2100.
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