GBP/USD pierces resistance zone

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


Despite being pierced, the 1.1900 mark has managed to act as support. The zone below the round exchange rate level has been marked.

The support zone was enough to cause a surge, which by the middle of Thursday's European trading hours had managed to shortly reach above the 1.1975/1.1995 zone and the 1.2000 mark. However, it appeared that the 100-hour simple moving average near 1.2020 acted as resistance and no surge occurred.

If the currency pair reaches above the 100-hour simple moving average, the 1.2050 mark might slow down a potential surge, before the rate reaches the combined resistance of the 200-hour SMA and the 1.2100 mark.

Meanwhile, a resumption of the broader decline of the Pound against the US Dollar might find support in the 2019 low level at 1.1960, the 1.1950 mark, the 50-hour simple moving average and the weekly S1 simple pivot point at 1.1934. After all these support levels are passed, the 1.1875/1.1900 zone could still stop a decline.
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