GBP/USD remains above 1.2590/1.2610

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


Throughout the past week, the financial markets have been reacting to United States fundamental data releases. In general, Consumer and Producer price indices and Retail Sales data have revealed that prices are going higher and the consumers don't care and just keep buying. Namely, the US Federal Reserve is not likely to cut interest rates, as the markets suddenly assumed at the end of last year. This in turn has strengthened the US Dollar, as Dollar interest is set to remain high.

The GBP/USD currency pair has declined to the major support and resistance range at 1.2590/1.2610. The range has once again held and the pair has surged to the 1.2700 mark. Note that the rebound coincided with the UK revealing that it also has higher than forecast inflation, which indicated that the GBP interest rates are also set to remain high or even get increased.

A recovery of the pair would have to break above the 1.2700 mark and the 50, 100 and 200-hour simple moving averages. Higher above, note taht the weekly simple pivot point has managed to act as support and resistance at 1.2735. In the case of these levels failing to hold, the rate is set to reach for the weekly R1 simple pivot point and the 1.2800 mark.

On the other hand, a sudden strengthening of the GBP/USD is set to face the weekly S2 at 1.2623 and the 1.2590/1.2610 range. The past shows that this range is highly unlikely going to fail.
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