GBP/USD tests April high

Source: Dukascopy Bank SA


The GBP/USD started a surge on Tuesday, which pierced the April high level at 1.2580 by the US Fed rate hike done on Wednesday at 18:00 GMT. In the aftermath of the fundamental event, the rate appeared to have bounced off the high level's resistance.

A potential move above 1.2580 could be slowed down by the 1.2600 mark, the weekly R1 simple pivot point at 1.2634, before reaching the 1.2700 mark and the weekly R2 at 1.2708.

However, a decline of the Pound against the US Dollar could look for support near the 1.2500 mark. The round exchange rate level is being strengthened by the weekly simple pivot point at 1.2510 and the 50, 100 and 200-hour simple moving averages. Further below, note the weekly S1 simple pivot point.
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Wed, 03 May 2023 19:13:36 GMT

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