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After the high impact week that was caused by UK data releases, the pair has returned to trade near the 1.3000 mark. In the near term future, the pair could look for support in the round level.
A move below the 1.3000 mark could result in the rate declining to the weekly S1 simple pivot point at 1.2979 and the last week's low level range near 1.2975. Further below, the 1.2950 level could act as support, before the pair approaches the weekly S2 at 1.2912 and the 1.2900 mark.
However, a recovery of the Pound against the USD might face resistance in the 50 and 100-hour simple moving averages near 1.2930 and the combination of the weekly simple pivot point at 1.3040 and the 200-hour SMA. Higher above, note the high level range at 1.3060.
Mon, 21 Oct 2024 12:01:16 GMT
Source: Dukascopy Bank SA
After the high impact week that was caused by UK data releases, the pair has returned to trade near the 1.3000 mark. In the near term future, the pair could look for support in the round level.
A move below the 1.3000 mark could result in the rate declining to the weekly S1 simple pivot point at 1.2979 and the last week's low level range near 1.2975. Further below, the 1.2950 level could act as support, before the pair approaches the weekly S2 at 1.2912 and the 1.2900 mark.
However, a recovery of the Pound against the USD might face resistance in the 50 and 100-hour simple moving averages near 1.2930 and the combination of the weekly simple pivot point at 1.3040 and the 200-hour SMA. Higher above, note the high level range at 1.3060.