GBP/USD bounces off pivot point

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


Despite passing the resistance of the zone above the 1.4220 level, the GBP/USD did not follow up with a large surge. The rate encountered resistance in the weekly R1 simple pivot point at 1.4246 and the 1.4250 level.

By the middle of Tuesday's trading, the pair had retreated to the combined support of the 200-hour SMA and the weekly simple pivot point at 1.4169.

In the case the rate passes below the support of the 200-hour SMA and the pivot point at 1.4169, the rate could decline as low as the weekly S1 at 1.4119. Below the S1, the 1.4100 mark could provide support.

On the other hand, the rate could recover. In this case scenario the GBP/USD would face the previously passed resistance of the 55-hour SMA, the zone above 1.4220 and the 1.4150 level together with the weekly R1 simple pivot point.
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