GBP/USD reaches above technical resistance

Source: Dukascopy Bank SA


The GBP/USD has found support in the April low level zone at 1.2975/1.2990. By the middle of Wednesday's trading hours, the pair had reached above various technical resistance levels and the 1.3060 mark.

If the recovery of the Pound against the US Dollar continues, the currency pair might first find resistance in the 1.3100 mark, before approaching the weekly R1 simple pivot point and the resistance zone at 1.3140/1.3147.

Meanwhile, a potential decline of the GBP/USD currency exchange rate might look for support in the 1.3040 mark, which is supported by the 100 and 200-hour simple moving averages. Further below, note the combination of the 1.3020 level and the 50-hour simple moving average, and the 1.3100 mark.
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