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The 200-hour simple moving average provided enough resistance for the rate to start a decline. On Wednesday, the rate traded below the 50 and 100-hour simple moving averages near the 1.2720 level.
An extension of the ongoing retracement downwards could result in the GBP looking for support against the US Dollar in the 1.2685/1.2700 range. Further below, note the weekly S1 simple pivot point at 1.2652 and the 1.2650 mark.
A potential recovery of the GBP/USD might be slowed down by the combination of the 50 and 100-hour simple moving averages, the weekly simple pivot point at 1.2746, before the 200-hour simple moving average would be reached.
Wed, 28 Jun 2023 08:34:43 GMT
Source: Dukascopy Bank SA
The 200-hour simple moving average provided enough resistance for the rate to start a decline. On Wednesday, the rate traded below the 50 and 100-hour simple moving averages near the 1.2720 level.
An extension of the ongoing retracement downwards could result in the GBP looking for support against the US Dollar in the 1.2685/1.2700 range. Further below, note the weekly S1 simple pivot point at 1.2652 and the 1.2650 mark.
A potential recovery of the GBP/USD might be slowed down by the combination of the 50 and 100-hour simple moving averages, the weekly simple pivot point at 1.2746, before the 200-hour simple moving average would be reached.