GBP/USD recovery faces 1.2750 level

Source: Dukascopy Bank SA


Unexpectedly to our analysts, the GBP/USD found support in the 1.2630 level. The pair did not even approach the 1.2590/1.2610 range. The event is attributed to the major strength that the range showed during the first half of December.

The following recovery eventually reached the 1.2750 mark that acted as resistance and by the end of Tuesday's trading a decline had started. It was observed that the decline could be stopped by the 1.2720/1.2730 range.

A decline below 1.2720 could find support in the combination of the 1.2700 level and the ascending 50 and 100-hour simple moving averages. Further below, take into account the combination of the 1.2650 level and the weekly simple pivot point at 1.2656.

On the other hand, a potential extension of the surge and move above 1.2750 would face the resistance of the 1.2780/1.2795 range, the 1.2800 mark, the weekly R1 simple pivot point at 1.2812 and the August high level at 1.2819.
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