GBP/USD

On Wednesday, the GBP/USD pair's decline found support in the weekly S1 simple pivot point at 1.3264. The pivot point provided enough support for a recovery to start. By the start of Thursday's US trading session, the rate had reached the resistance of the 200-hour simple moving average near 1.3340.

If the pair passes the resistance of the 200-hour simple moving average at 1.3340, the likely target for a potential surge would be the resistance zone at 1.3364/1.3371. The zone kept the GBP/USD down during the first part of this week's trading. Meanwhile, note that the 200-hour SMA caused the recent decline to the weekly S1 simple pivot point, which is located at 1.3264.

However, if the 200-hour SMA pushes the pair down, it could look for support in the 50 and 100-hour simple moving averages, which have shown to be capable of impacting the rate for short periods. Below the SMAs, note the previous two times passed support zone at 1.3278/1.3300. Namely, the lower border of the zone appears to have still caused two surges on Wednesday and Thursday. Further below, the weekly S1 weekly simple pivot point provides support at 1.3264.

GBPUSD

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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