GBP/USD retreats below 1.3200

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


On Wednesday, the GBP/USD pair respected the resistance of the 50 and 100-hour simple moving averages near the 1.3240 and 1.3250 levels and the support of the weekly S1 simple pivot point at 1.3167. The rate had bounced between the mentioned levels throughout the day.

During the first half of Thursday's trading, the pair had retreated from the 50-hour SMA and was approaching the support of the weekly S1 simple pivot point.

The GBP/USD rate would most likely decline, if it passes the support of the weekly S1 simple pivot point. A move below the pivot point would have no support as low as the 1.3100 mark and the weekly S2 at 1.3093.

However, a recovery of the pair from the weekly S1 might find resistance in the 50-hour SMA at 1.3225 and the 100-hour SMA near 1.3240. Above the two SMAs, next close by resistance on Thursday was the weekly simple pivot point at 1.3269, the 200-hour SMA at 1.3275 and this week's high levels above 1.3280.
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