GBP/USD finds support at 1.2100

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Source: Dukascopy Bank SA


The GBP/USD has confirmed that it is respecting a support zone near the 1.2100 mark. The zone caused a recent recovery of the pair that managed to reach above the 50 and 100-hour simple moving averages. On Monday, the pair broke the 200-hour moving average at 1.2185 and approached the resistance zone at 1.2215/1.2225.

A move above the resistance range at 1.2215/1.2225 and the weekly R1 simple pivot point at 1.2220 could result in the GBP/USD currency pair reaching as high as 1.2285 where the weekly R2 simple pivot point is located at.

On the other hand, a decline of the rate is expected to be slowed down by the 200-hour SMA at 1.2185, prior to the rate approaching the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point near 1.2150. Further below, note the mentioned 1.2100 mark.
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