GBP/USD finds support in pivot point

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


On Wednesday, the GBP/USD pair's decline found support in the weekly S1 simple pivot point at 1.3264. The pivot point provided enough support for a recovery to start. By the start of Thursday's US trading session, the rate had reached the resistance of the 200-hour simple moving average near 1.3340.

If the pair passes the resistance of the 200-hour simple moving average at 1.3340, the likely target for a potential surge would be the resistance zone at 1.3364/1.3371. The zone kept the GBP/USD down during the first part of this week's trading. Meanwhile, note that the 200-hour SMA caused the recent decline to the weekly S1 simple pivot point, which is located at 1.3264.

However, if the 200-hour SMA pushes the pair down, it could look for support in the 50 and 100-hour simple moving averages, which have shown to be capable of impacting the rate for short periods. Below the SMAs, note the previously two times passed support zone at 1.3278/1.3300. Namely, the lower border of the zone appears to have still caused two surges on Wednesday and Thursday. Further below, the weekly S1 weekly simple pivot point provides support at 1.3264.
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