GBP/USD reveals new technical levels

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


The speech done by Jerome Powell caused a decline of the US Dollar. The GBP/USD currency pair surged due to the speech and even managed to reach above 1.3200. In the meantime, it is more notable that the pair has revealed support and resistance trend lines and low and high level zones.

In the near term future, the currency pair could look for support in the combination of the 50-hour simple moving average and the supporting trend line that connects the surge's higher low levels. If these levels fail, it is highly likely that support would be found in the weekly simple pivot point at 1.3123 and the 1.3120/1.3140 zone. Moreover, note that the range is being approached by the 100-hour simple moving average.

Meanwhile, a potential resumption of the prior surge would have to break the 1.3220/1.3230 range, where the pair stopped after Powell's speech. Above this range, the pair could be slowed down by the resistance line that has guided the ongoing surge.
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