GBP/USD confirms 1.2600 as support

Source: Dukascopy Bank SA


The GBP/USD currency exchange rate has continued to benefit from the broader weakness of the US Dollar. Most recently, the pair managed to reach above the 1.2600 mark. On Monday the 1.2600 mark was confirmed as support. On Tuesday, the rate was approached by the additional support of the 50-hour simple moving average.

A potential surge is expected to encounter resistance in the weekly R1 simple pivot point at 1.2663, before the 1.2700 mark would be reached.

In the meantime, a decline of the Pound against the US Dollar below 1.2600 and the 50-hour SMA is set to look for support in the 1.2560/1.2570 range, the weekly simple pivot point at 1.2554 and the 100-hour simple moving average. If all of these levels fail, the rate might reach the combination of the 1.2500 mark, the 200-hour simple moving average and the weekly S1 at 1.2493.
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