GBP/USD respects 1.2800 level

Source: Dukascopy Bank SA


On Tuesday morning, the GBP/USD pierced the resistance of the 1.2782/1.2792 range. However, the 1.2800 stopped the rate and forced it back down to the 1.2760 level.

An extension of a retracement downwards is expected to look for support at two levels. First is the combination of the 50 and 100-hour simple moving averages near 1.2750. Further below, take into account an ascending trend line and the 200-hour simple moving average near 1.2725.

However, in the case of a resumption of the GBP surge against the US Dollar, the rate would face the 1.2782/1.2792 range, the 1.2800 mark, the weekly R1 at 1.2805 and the August high level at 1.2819. Namely, the rate is facing many levels that have shown to be capable to stop a surge.
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