GBP/USD finds support in pivot point

Source: Dukascopy Bank SA


The United States Bureau of Economic Analysis has published the US Final quarter on quarter Gross Domestic Product data. The markets expected US economy to have grown in the first quarter of the year by 1.4%. Instead of the expected, the economy has been reportedly increased by 2.0%.

On the GBP/USD charts it resulted in a drop below 1.2600. The weekly S2 simple pivot point at 1.2591 managed to stop and reverse the decline by 14:00 GMT on Thursday.

If the recovery of the Pound against the US Dollar continues, the rate might encounter resistance in the weekly S1 simple pivot point at 1.2652 and the 1.2660. Higher above, note the 50 and 100-hour simple moving averages and the 1.2685/1.2700 range. These levels are potential resistance.

However, in the case of a decline the pair would have to pass the weekly S2 simple pivot point at 1.2591. Further below, there is no support as low as the 1.2500 mark and the weekly S3 simple pivot point at 1.2497.
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