GBP/USD respects 1.2540 support range

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Source: Dukascopy Bank SA


The GBP/USD continued to find support in the 1.2590/1.2610 range and resistance near 1.2640/1.2660 during the late part of March. However, on March 30, the US Dollar strengthened and caused a drop of the rate. The drop found support in the 1.2540 level and on April 2 a recovery started.

The recovery is expected to face strong resistance in the 1.2590/1.2610 range which is strengthened by the 50 and 100-hour simple moving averages. Moreover, note the weekly S1 simple pivot point at 1.2593. Above these levels, the combination of the weekly simple pivot point at 1.2630 and the 200-hour simple moving average might slow down the pair, before the 1.2640/1.2660 levels are tested. Note that the 200-hour SMA could decline and strengthen the 1.2590/1.2610 range.

On the other hand, a decline of the pair could be slowed down by the weekly S2 at 1.2553, prior to the rate reaching the 1.2540 level. Further below, note the combination of the low level at 1.2519, the 1.2520 level and the weekly S3 simple pivot point at 1.2515.
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