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On Friday, the GBP/USD bounced off the resistance zone at 1.2390/1.2395 and the 100-hour simple moving average. However, the decline was actually caused by fundamental events. The US PCE Inflation data caused a surge of the value of the US Dollar. On Monday, the pair found resistance in the 100-hour simple moving average and support appeared to be provided by the 1.2340 level.
A decline below 1.2340 could be slowed down by the 1.2320 level, which acted as support on Friday. Further below, note the Thursday's low level range near 1.2310 and the 1.2300 mark.
However, a recovery of the Pound against the US Dollar is expected to be hindered by the 100-hour simple moving average near 1.2360, the weekly simple pivot point at 1.2374 and the resistance zone at 1.2390/1.2395.
Mon, 29 May 2023 12:00:00 GMT
Source: Dukascopy Bank SA
On Friday, the GBP/USD bounced off the resistance zone at 1.2390/1.2395 and the 100-hour simple moving average. However, the decline was actually caused by fundamental events. The US PCE Inflation data caused a surge of the value of the US Dollar. On Monday, the pair found resistance in the 100-hour simple moving average and support appeared to be provided by the 1.2340 level.
A decline below 1.2340 could be slowed down by the 1.2320 level, which acted as support on Friday. Further below, note the Thursday's low level range near 1.2310 and the 1.2300 mark.
However, a recovery of the Pound against the US Dollar is expected to be hindered by the 100-hour simple moving average near 1.2360, the weekly simple pivot point at 1.2374 and the resistance zone at 1.2390/1.2395.