GBP/USD pierces August high level

Source: Dukascopy Bank SA


The GBP/USD eventually passed above the 1.2780/1.2795 range, the 1.2800 mark and the weekly R1 simple pivot point at 1.2812. Moreover, the rate had shortly traded above the August high level of 1.2819. However, the pair appears to have overextended its move, as on Thursday morning it retraced to the 1.2780/1.2795 range where it was looking for support.

A resumption of the broader surge could encounter resistance in the 1.2900 mark and the combination of the weekly R2 simple pivot point and the 1.2950 level.

On the other hand, a decline below the 1.2780/1.2795 zone could result in the rate looking for support in the 50 and 100-hour simple moving averages near 1.2750 and 1.2725.
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