GBP/USD respects 1.2200 level

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Source: Dukascopy Bank SA


The currency pair has managed to reach above the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.2159. At mid-day on Tuesday, the rate respected the resistance of the 1.2200 mark.

Higher above, note that the 1.2220 level has shown itself as resistance and support. Above 1.2200, the weekly R1 could provide resistance at 1.2248.

In the case of a decline of the currency pair, the GBP/USD is expected to look for support in the combination of the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages in the range from 1.2125 up to 1.2150. Below the range, the 1.2100 is highly likely going to act as support.
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