GBP/USD approaches support zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The currency exchange rate has bounced off the resistance of the 1.2218/1.2225 range and declined to as low as 1.2150 during the early hours of Tuesday.

An extension of the ongoing decline might look for support in the 1.2120 level and the zone above it. Further below, Note the two October low level zones at 1.2105/1.2110 and 1.2040/1.2050. In addition, the weekly S1 could provide support at 1.2060.

On the other hand, a potential surge of the Pound against the US Dollar is set to face various resistance levels. The rate is set to face the 50-hour SMA near 1.2175, the weekly simple pivot point at 1.2198 and the 1.2200 mark. Afterwards, note the combined resistance of the 100 and 200-hour simple moving averages and the 1.2218/1.2225 zone.
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Tue, 17 Oct 2023 09:37:37 GMT

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