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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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