GBP/USD reveals support range

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


The GBP/USD has revealed that it has been finding support in the 1.2410/1.2425 range. This range has kept the pair up throughout the week. Meanwhile, the 50 and 100-hour simple moving averages near 1.2450 and 1.2470. On Thursday, the moving averages failed to keep the pair down and a surge was expected to occur.

A surge of the Pound against the US Dollar is expected to face the resistance of the 1.2500 mark, the 1.2519 level, the weekly simple pivot point at 1.2528, the 200-hour simple moving average and the 1.2535/1.2540 range. All of these levels have shown to be capable of impacting the rate. However, due to them being spread out across a 40 base point range, they could fail and the currency exchange rate would eventually aim at the 1.2600 level.

On the other hand, a decline of the currency exchange rate is set to look for support in the 1.2450 level and the 50 and 100-hour simple moving averages. Below these levels, the 1.2410/1.2425 range and the 1.2400 are highly likely set to act as support.
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Thu, 18 Apr 2024 10:28:06 GMT

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