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The Friday's volatility ended with the pair finding resistance in the 1.2760 level and support in the 100-hour simple moving average. On Tuesday, additional support was provided by the combination of the 50 and 200-simple moving averages near the weekly simple pivot point at 1.2718.
A decline below the moving averages and the 1.2700 mark could eventually reach the weekly S1 simple pivot point at 1.2610 and the support range at 1.2590/1.2610. Note that the range has held on for almost a month.
However, a resumption of the surge of the Pound against the US Dollar is set to face the 1.2760 level and afterwards the range at 1.2780/1.2790, before testing the 1.2800 mark.
Tue, 09 Jan 2024 13:28:13 GMT
Source: Dukascopy Bank SA
The Friday's volatility ended with the pair finding resistance in the 1.2760 level and support in the 100-hour simple moving average. On Tuesday, additional support was provided by the combination of the 50 and 200-simple moving averages near the weekly simple pivot point at 1.2718.
A decline below the moving averages and the 1.2700 mark could eventually reach the weekly S1 simple pivot point at 1.2610 and the support range at 1.2590/1.2610. Note that the range has held on for almost a month.
However, a resumption of the surge of the Pound against the US Dollar is set to face the 1.2760 level and afterwards the range at 1.2780/1.2790, before testing the 1.2800 mark.