GBP/USD is squeezed in

Source: Dukascopy Bank SA


Last week, despite being pierced, the 1.2460/1.2470 range held as support and forced the pair to recover. On Monday, the recovery was stuck between the support of the three hourly simple moving averages and the weekly simple pivot point near 1.2520 and the resistance range at 1.2535/1.2550.

A broader surge would most likely face resistance in the 1.2600 and 1.2700 levels. In addition, take into account the weekly R1 and R2 simple pivot point at 1.2697 and 1.2670.

On the other hand, a decline of the Pound against the US Dollar has the support of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.2520. If the pair declines, it is almost immediately going to look for support in the 1.2500 mark. If the 1.2500 does not hold, the rate could once again look for support in the 1.2460/1.2470 range.
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