GBP/USD remains below 1.2500

Source: Dukascopy Bank SA


At mid-day on Wednesday, the GBP/USD was making another attempt to reach above the 1.2500 mark, as the US Durable Goods Orders data was released. The data revealed that US consumers continue to buy long term use goods, which signals that inflation would remain high. In turn, high inflation might force the US Federal Reserve to hike interest rates more than expected. Due to that reason, the USD strengthened causing a decline of the currency exchange rate.

At mid-day on Thursday, the pair was trading between technical levels at 1.2440 and 1.2486. Below the rate, 50, 100 and 200-hour simple moving averages were acting as support. Above the pair, the weekly R1 simple pivot point provided resistance at 1.2486.

A surge of the Pound against the US Dollar would have to pass the weekly R1 at 1.2486 and the resistance zone near 1.2500. Afterwards, note the weekly R2 simple pivot point at 1.2542. Higher above, note the 1.2600 mark and the weekly R3 at 1.2610.

On the other hand, a decline of GBP/USD below the 50, 100 and 200-hour SMAs near 1.2440 would look for support in the weekly simple pivot point at 1.2420 and the support zone at 1.2387/1.2392.
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