GBP/USD analysis: Surge encounters resistance

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The GBP/USD currency exchange rate surge has encountered resistance at 1.3605/1.3610. This zone proved that it can impact the pair during the first trading sessions of November.

If the resistance zone of 1.3605/1.3610 holds, a decline of the rate might occur. A potential move down could find support in the 100-hour simple moving average at 1.3555. Below the 100-hour SMA, the weekly simple pivot point at 1.3543 might act as support. In the case of the pivot point failing, the 50-hour SMA near 1.3525 might stop a decline.

On the other hand, a move above the resistance zone would almost immediately encounter the resistance of the 200-hour simple moving average at 1.3626. Above the SMA, the weekly R1 simple pivot point at 1.3661 might provide resistance.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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