GBP/USD analysis: Bounces off resistance

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

Since the middle of Monday's trading, the GBP/USD has been fluctuating sideways between the support of the zone near 1.3720 and the 55-hour simple moving average and the resistance of the weekly simple pivot point at 1.3766 and the April 8 and 12 high levels.

If the pair manages to break resistance levels and surge higher, it would immediately face the resistance of the 200-hour simple moving average near 1.3790. Above this level, there are no technical resistances as high as the weekly R1 simple pivot point at 1.3861.

On the other hand, a passing of the 55-hour SMA and the support zone of 1.3720 could occur. In this case scenario, the pair could once again look for support in the March and April low level.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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