GBP/USD finds support in 1.2300

Source: Dukascopy Bank SA


The GBP/USD found support in the 1.2300 mark on Monday, and recovered to the resistance of the 50-hour simple moving average on Tuesday.

A move below 1.2300 could result in the rate looking for support in the weekly S2 simple pivot point at 1.2280, the 1.2250 level and afterwards the combination of the 1.2200 mark and the weekly S3 simple pivot point at 1.2193.

In the case of a recovery of the Pound against the US Dollar, the rate is expected to encounter resistance in the 1.2380 and 1.2400 levels, as these levels have acted as support and resistance during the recent past. Above these levels, the 1.2410/1.2425 range could turn into resistance.
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