GBP/USD reaches above 1.2100

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Source: Dukascopy Bank SA


The release of the worse than expected US Unemployment Claims and Purchasing Managers Indices caused a decline of the US Dollar during the second part of Wednesday's trading. The fundamental push was enough to cause a surge of the GBP/USD above the resistance zone near 1.1950.

On Thursday morning, the rate had reached above 1.2100. An extension of the ongoing surge might be slowed down by the 1.2150 level, before the rate reaches the combination of the weekly R2 at 1.2194 and the 1.2200 mark.

On the other hand, a potential retracement downwards could look for support in the 1.2050 level and the weekly R1 simple pivot point at 1.2041.
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Thu, 24 Nov 2022 10:29:44 GMT

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