GBP/USD analysis: Tests support zone

Dukascopy Bank Team Dukascopy Bank SA

GBP/USD

The GBP/USD currency exchange rate has been finding support in the 1.3195/1.3210 zone. However, the rate had retraced up to the resistance of the 100-hour simple moving average and the weekly simple moving average near 1.3265, before the second decline to the support zone.

In the case that the pair passes the support zone of 1.3195/1.3210, the GBP/USD might look for support in the weekly S1 simple pivot point at 1.3167. Further below, note the 1.3100 mark and the weekly S2 simple pivot point at 1.3093.

Meanwhile, a recovery of the GBP against the USD is highly likely set to encounter resistance in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and this week's high level zone. All of these levels are located in the 1.3255/1.3290 zone.

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Dukascopy Bank Team

Dukascopy Bank SA

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