GBP/USD dips due to UK data

Source: Dukascopy Bank SA


On Tuesday morning, the GBP/USD dipped due to the release of worse than forecast UK employment data. The bad data indicated that the Bank of England would not need to tighten policy, as inflation might come down due to less people buying products. However, by mid-day the rate had recovered and was testing the combined resistance of the 1.2540 level and the 100-hour simple moving average.

A move above 1.2540 could face resistance in the 200-hour simple moving average near 1.2575 or the combination of the 1.2600 mark and the weekly R1 simple pivot point.

However, a decline of the Pound against the US Dollar might find support in the 1.2480 level, before reaching the recent low levels near 1.2445. Meanwhile, note that the pair has ignored the weekly simple pivot point and the 50-hour simple moving average.
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