GBP/USD analysis: Passes support levels

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

At mid-day on Friday, the GBP/USD currency exchange rate pierced the support of the weekly S1 simple pivot point at 1.3264. The rate was pushed down initially on Thursday by the 200-hour SMA. On Friday, the 50-hour simple moving average provided resistance.

A potential decline further below might look for support in the 1.3200 mark, which provided the pair with support on Tuesday, in the aftermath of Jerome Powell's testimony to the US Congress.

Meanwhile, a recovery of the GBP/USD is most likely going to encounter resistance in the 50, 100 and 200-hour simple moving averages near 1.3300 and 1.3325. In the meantime, note that the 1.3280/1.3300 zone appears to no longer impact the rate.

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Dukascopy Bank Team

Dukascopy Bank SA

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