Dukascopy Bank Team
Dukascopy Bank SA
GBP/USD
The weekly simple pivot point and the high-level zone at 1.3364/1.3370 has provided the GBP/USD pair with enough resistance for the rate to decline. Namely, during the first half of Monday's trading hours, the currency rate passed below the 100-hour SMA at 1.3340 and the 50-hour simple moving average at 1.3326.
In the case that the rate continues to decline, it could aim at the support of the 1.3300/1.3380 zone, which provided support on Thursday. Below the support zone, the pair might find support in the weekly S1 simple pivot point at 1.3264.
However, a potential recovery of the pair might make another attempt at passing the resistance zone at 1.3364/1.3370. Above this zone, note the 1.3400 mark, which is strengthened by the 200-hour simple moving average.
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.
Recommended Content
Editors’ Picks
AUD/USD attracts some buyers above 0.6570 following the Australian GDP data
The AUD/USD pair climbs to 0.6575 during the early Asian trading hours on Wednesday. The pair edges higher following the Australian growth numbers. However, the rebound of the US Dollar and risk-off mood might cap the further upside of AUD/USD.
EUR/USD extends the decline below 1.0800, Eurozone Retail Sales eyed
The EUR/USD pair remains under selling pressure below the 1.0800 psychological mark during the early Asian session on Wednesday. The upbeat Eurozone PMI data for November failed to inspire the Euro amid the persistently weak demand in the Eurozone.
Gold drops to $2,020, eyes on US ADP data
Gold loses momentum during the early Asian session on Wednesday. The renewed US Dollar demand drag the yellow metal lower. Meanwhile, the US Dollar Index rebounds to 104.00. The XAU/USD price trades near $2020, up 0.01% for the day.
Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally
The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status. ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly. But not for long.
Hot service sector might be cold water on swift rate cut hopes
Not only is the services sector still expanding, it picked up steam in November with the ISM coming in at 52.7. With prices still firmly in expansion and employment rising slightly, it suggests that recent expectations for rate cuts might have been pulled too far forward.