GBP/USD respects resistance of 1.2000

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Source: Dukascopy Bank SA


The decline of the Pound against the US Dollar eventually reached the 1.1900 level, which acted as support. During the first half of Wednesday's trading, the pair retraced back up to the resistance zone of Friday's low levels at 1.1975/1.1995.

If the pair bounces off the resistance of the 1.1975/1995 zone, a potential decline would have to pass below the 1.1900 mark, before approaching the 1.1850 and 1.1800 levels.

On the other hand, a surge above the resistance zone is highly likely set to almost immediately encounter resistance in the 1.2000 level mark. Higher above, note the approaching 50 and 100-hour simple moving averages, which have previously acted as minor resistance.
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