GBP/USD pierces support

Source: Dukascopy Bank SA


The GBP/USD has shortly traded below the 1.2667/1.2685 range on Monday. However, the decline did not result in a broad descending of the pair, as support was found in 1.2620. On Tuesday, the pair had recovered and traded near 1.2750. The 50, 100 and 200-hour simple moving averages failed to stop the GBP recovery against the USD.

A continuation of the pair's surge could be stopped by the 1.2780/1.2800 range. Note that the range had been pierced on Thursday. However, the breaking of the resistance range did not result in a broader surge, as the 1.2820 level acted as resistance.

In the case of a decline watch the moving averages, the 1.2667/1.2685 range, the weekly S1 at 1.2631 and the 1.2620 level.
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