GBP/USD trades above 1.1600

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Source: Dukascopy Bank SA


The recovery of the Pound against the US Dollar continues on, as on Wednesday morning the rate reached above the 1.1600 mark.

In the near term future, resistance to the surge might be provided by the weekly R2 simple pivot point at 1.1644. However, round levels mostly impact the pair. Note 1.1700, 1.1750 and 1.1800 levels.

A potential decline is expected to look for support in 1.1500, the weekly R1 and the lower trend line of a channel up pattern. In addition, the 50-hour simple moving average might catch up with the pair.
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Since finding support in the 0.9700 level on Friday, the EUR/USD has been recovering. Most recently, the rate encountered resistance in the 1.0050 level and support was provided by the 1.000 mark. An extension of the ongoing surge could face resistance in the combination of the upper trend line of a channel up pattern, the weekly R3 simple pivot

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