GBP/USD is heading to 1.3000

Source: Dukascopy Bank SA


On Friday, the GBP/USD passed below the support zone at 1.3050/1.3060 and the weekly S1 simple pivot point at 1.3043. At the time of writing at 13:00 GMT, the pair was heading to the 1.3000 mark. The 1.3000 level reversed the rate's decline in mid-March.

If the pair finds support in the 1.3000 mark and recovers, a potential recovery might encounter resistance in the previously passed 1.3050/1.3060 zone. Higher above, note that the hourly simple moving averages near 1.3070 and 1.3090 could act as resistance.

Meanwhile, a move below 1.3000 would have no technical support on the hourly candle chart, except the weekly S2 simple pivot point at 1.2982.
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