GBP/USD manages to pierce 1.2900

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


Since the last review, the pair has been highly volatile due to US data releases. However, all the moves still occurred between our marked support and resistance ranges. As the volatility settled down, the rate managed to break above the 1.2860/1.2870 range. By mid-Friday, the currency rate had passed above 1.2900. Although, the event was not followed by a further surge, as the pair started to decline.

In the near term, the pair is expected to look for support in the 1.2860/1.2870 range and the 50-hour simple moving average. A move below this range could be slowed down by the 100-hour simple moving average and the lower trend line of the channel up pattern.

On the other hand, a potential recovery of the Pound against the US Dollar would have to once again break the 1.2900 mark. Higher above, the upper trend line of the channel up pattern is expected to slow down the rate, prior to it reaching the 1.3000 level.
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