GBP/USD analysis: Continues to recover

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

Since mid-Monday's trading, the GBP/USD bounced off the resistance of the 200-hour simple moving average, retraced and found support in the 1.3200 mark and succeeded to pass the 200-hour SMA. At mid-day on Tuesday, the pair had reached the 1.3260 level, where the GBP/USD faced the resistance of the 100-hour SMA and the weekly simple pivot point.

In the case that the pair passes the resistance of the weekly simple pivot point at 1.3265, the GBP/USD might encounter resistance in the zone above 1.3280. Higher above, take into account the weekly R1 at 1.3357, before the December high level.

On the other hand, a decline of the pair could find support immediately in the 200 and 50-hour simple moving averages at 1.3242, 1.3232. Below the SMAs, the 1.3200 level is most likely set up to stop a potential drop of the GBP against the USD.

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Dukascopy Bank Team

Dukascopy Bank SA

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