GBP/USD faces 50-hour moving average

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Source: Dukascopy Bank SA


The GBP/USD currency exchange rate has found support in the 1.2545/1.2550 zone. It has resulted in a recovery that has managed to break the resistance of the December channel down pattern. However, as the 50-hour simple moving average approached the pair, it acted as resistance.

To surge higher the rate would have to break the resistance of the 50-hour simple moving average. A potential move upwards might face the 1.2600 mark as resistance and the descending 100 and 200-hour simple moving averages near 1.2615 and 1.2635.

On the other hand, a decline of the Pound against the US Dollar is highly likely set to look for support in the 1.2545/1.2550 range, prior to approaching the notable 1.2500 mark.
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