GBP/USD respects 1.2590/1.2610

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


In general, fundamentals keep making an impact on the markets. It was revealed eventually to the world that the Fed might not cut rates until the end of 2024, which strengthened the US Dollar. Moreover, the release of US Employment data on Friday at 13:30 GMT caused volatility.

On the GBP/USD charts it resulted in the rate retracing to the support of the 1.2590/1.2610 range. The range held and caused a recovery back to Thursday's levels.

The recovery might be slowed down by the 200-hour simple moving average and the 1.2700 mark. Higher above the Pound against the US Dollar could face resistance near the 1.2800 mark. Near that level there is a high level zone at 1.2780/1.2795, the weekly R1 simple pivot point at 1.2812 and the August high level at 1.2819. Note that these levels were pierced during the end of the year decline of the Dollar.

On the other hand, a decline of the pair could be slowed down by the 50 and 100-hour simple moving averages near 1.2680. Below the moving averages, the weekly simple pivot point is capable of impacting the rate at 1.2656. If these levels fail, the 1.2590/1.2610 is once again going to act as support.
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