GBP/USD recovers

Source: Dukascopy Bank SA


The situation has not changed. In general, the GBP/USD has been trading between the 1.2600 and 1.2700 levels. Meanwhile support and resistance from time to time is found in the 1.2620, 1.2640, 1.2660 and 1,2680 levels. In addition, note the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.2650.

On Friday, the pair found support at 1.2600 and started a surge that by mid-Monday had reached 1.2680.

The rate could pass above 1.2680 and face the 1.2700 mark that is strengthened by the weekly R1 simple pivot point. A move above 1.2710 might encounter resistance in the weekly R2 simple pivot point at 1.2750 and the 1.2760/1.2775 range.

If the Pound declines against the US Dollar, the rate could look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 1.2645/1.2660 range. Below these levels, the 1.2590/1.2610 range and the weekly S1 at 1.2602 are highly likely to act as support.
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