GBP/USD bounces off 1.2200

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


The US Dollar has resumed it broader surge. On the GBP/USD charts it has resulted in a bounce off from the resistance of the 1.2200 level and a decline. By the middle of Wednesday's European trading hours, the currency pair had reached 1.2050.

An extension of the ongoing decline might look for support in the combination of the 1.2000 mark, the 200-hour simple moving averages and the weekly simple pivot point at 1.1980. Further below, take into account 1.1950 and 1.1900 levels. There is no other support below 1.2000.

On the other hand, a recovery of the Pound against the US Dollar could encounter resistance in the 1.2150 mark, the weekly R1 simple pivot point and the 50-hour simple moving average. Higher above, the 1.2200 mark would once again act as resistance.
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Wed, 15 Mar 2023 13:51:14 GMT

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