GBP/USD reaches 1.2200 level

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Source: Dukascopy Bank SA


This week, the Pound reached the 1.2200 mark and was set to decline further.

The decline could look for support in the weekly S1 simple pivot point at 1.2170 and the lower trend line of the channel down pattern. In the case of the pattern failing, the rate might reach for the 1.2510 level and the combination of the weekly S2 at 1.2103 and the 1.2100 mark.

On the other hand, a recovery of the Pound against the US Dollar is set to face the 1.2250 level and the 50-hour simple moving average. Higher above take into account the combination of the 100-hour simple moving average and the weekly simple pivot point near 1.2300.
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