GBP/USD breaks resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At exactly 15:00 GMT, the US Institute for Supply Management published its Purchasing Managers Index. The markets expected the index to show good conditions in the sector, but the actual data disappointed. Due to this reason the US Dollar sharply declined.

On the GBP/USD charts it resulted in a breaking of the 1.2695/1.2710 range and the weekly R1 simple pivot point.

The ongoing move above 1.2710 might encounter resistance in the weekly R2 simple pivot point at 1.2750 and the 1.2760/1.2775 range.

However, if the rate declines, it is set to look for support in the 1.2695/1.2710 range and the weekly R1 at 1.2702. Below the range, 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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