GBP/USD trades around 1.2600

Source: Dukascopy Bank SA


During late Monday's trading, the Pound managed to recover against the US Dollar. However, it encountered resistance on Tuesday morning in the 100-hour simple moving average near 1.2630. The encounter turned into a decline. By the middle of the day, the rate had reached below the Monday's low level of 1.2565.

A move below 1.2565 might be stopped by the 1.2550 or 1.2500 levels. Below the round levels, the weekly S1 simple pivot point could act as support at 1.2480. Note that round levels were mostly impacting the rate during June, when the 1.2550, 1.2500, 1.2450 and 1.2400 were acting as support and resistance.

In the case of a recovery of the pair, the rate is expected to face the combined resistance of the 1.2600 mark and the 50-hour simple moving average. Higher above, note the 1.2620 level and the 100-hour simple moving average.
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