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The GBP/USD rate appears to be fluctuating near the 1.2600 mark. However, there are strange peculiarities to the pair. It is no longer properly respecting the 1.2590/1.2610 range's support and resistance. Namely, the range was pierced, confirmed as support, but then the support failed and by mid-Monday the rate was observed to be moving downwards through the zone.
An extension of the ongoing decline could eventually reach the support range at 1.2535/1.2540. Below this range, note the weekly S1 simple pivot point at 1.2526.
On the other hand, a recovery of the Pound against the US Dollar is expected to face the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the 1.2590/1.2610 range. However, if these levels fail to hold down, the 1.2630 level could once again act as resistance, as it did on Monday morning.
Mon, 19 Feb 2024 15:57:15 GMT
Source: Dukascopy Bank SA
The GBP/USD rate appears to be fluctuating near the 1.2600 mark. However, there are strange peculiarities to the pair. It is no longer properly respecting the 1.2590/1.2610 range's support and resistance. Namely, the range was pierced, confirmed as support, but then the support failed and by mid-Monday the rate was observed to be moving downwards through the zone.
An extension of the ongoing decline could eventually reach the support range at 1.2535/1.2540. Below this range, note the weekly S1 simple pivot point at 1.2526.
On the other hand, a recovery of the Pound against the US Dollar is expected to face the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the 1.2590/1.2610 range. However, if these levels fail to hold down, the 1.2630 level could once again act as resistance, as it did on Monday morning.