GBP/USD reveals support

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


The Tuesday's decline of the Pound against the US Dollar has found support in the 1.2260/1.2265 range. Afterwards, the pair recovered and reached up to consolidate by trading sideways near the 1.2330 level. On Wednesday morning, the pair was being squeezed in between the weekly simple pivot point's resistance at 1.2333 and the support of the 200-hour simple moving average near 1.2310.

A move below the 200-hour simple moving average and the 1.2300 mark could once again look for support in the 1.2260/1.2265 range. Close below this range note the strong support and resistance zone at 1.2240/1.2255. It is highly likely that this zone is going to impact the currency exchange rate.

On the other hand, a resumption of the Pound's surge against the US Dollar is set to face the combined resistance of the weekly simple pivot point, the 50 and 100-hour simple moving averages, which are all located in the 1.2333/1.2363 range. Higher above, note the 1.2400 mark and the zone near 1.2450.
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