GBP/USD tests 1.2500 mark

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Source: Dukascopy Bank SA


The GBP/USD currency pair jumped last week due to the publication of lower than expected US inflation data. The surge stopped just above the 1.2500 mark, before a consolidation down to 1.2400 occurred. Most recently, the pair made another attempt to pass the resistance zone at 1.2505/1.2510.

A breaking above 1.2510 could result in the rate testing the resistance of the 1.2550 level and the weekly R1 simple pivot point at 1.2576, before the 1.2600 mark would be reached.

In the meantime, a potential decline of the Pound against the US Dollar could look for support in the combination of the 1.2450 level and the 50 and 100-hour simple moving averages. Below these levels, note the 1.2400 mark, the weekly simple pivot point at 1.2386 and the support zone at 1.2373/1.2380.
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