GBP/USD respects weekly pivot point

Source: Dukascopy Bank SA


The GBP/USD gained additional support from the 50-hour simple moving average and extended its surge. The surge eventually hit the resistance of the weekly R2 simple pivot point at 1.2724 that combined with the fundamental background started a consolidating decline. Namely, the markets wait for the US GDP release at 13:30 GMT, due to which profits from the long positions are being booked to avoid potential risk.

Note that the data release is capable of impacting the rate by causing major volatility in the form of an adjustment to the divergence of the released data from the market forecast. Furthermore it is most likely going to set the future direction for the currency exchange rate.

Meanwhile, the ongoing decline could find support in the combination of the weekly R1 simple pivot point at 1.2663 and the approaching 50-hour simple moving average. Below these levels, note the 100-hour SMA and the 1.2600 level that has acted as support since late Thursday. Further below, it is highly likely that the GBP/USD would respect the cluster of technical levels near 1.2550, which consists of a support and resistance zone, the weekly simple pivot point and the 200-hour simple moving average.

However, in the case of a surge of the Pound against the US Dollar, the rate would have to break the weekly R2 at 1.2723. Higher above, the surge could be slowed down by the 1.2750 and 1.2800 levels, before the August high and weekly R2 come into play at 1.2819/1.2832.
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Wed, 29 Nov 2023 10:42:03 GMT

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