GBP/USD plummets below 1.2200

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


During the mid-day in London, the GBP/USD currency exchange rate's decline plummeted below the 1.2200 level. Earlier during the day, the pair passed the 2020 July low level at 1.2260. The ongoing broad decline was caused by the strengthening of the US Dollar.

The US Dollar has been sharply surging in value due to the higher than expected US inflation data, which indicated that the inflation has not calmed down and the US Federal Reserve has to hike interest rates.

If the Pound continues to decline against the US Dollar, the currency pair could look for support first in the 1.2150 level. Further below, note the weekly S2 simple pivot point at 1.2104 and the 1.2100 mark.

However, a recovery of the currency exchange rate is set to encounter resistance in the 1.2200 mark and the weekly S1 simple pivot point at 1.2206. Higher above, note the 2020 July low level at 1.2260, which could turn into resistance.
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Mon, 13 Jun 2022 11:18:07 GMT

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