GBP/USD remains near 1.2700

Source: Dukascopy Bank SA


The GBP/USD has continued to be drawn to the 1.2700 mark as a magnet. It has been bouncing around this level since mid-December. Most recently, it was observed that potential surges or drops of the rate are stopped near round exchange rate levels.

Support is likely set to find support in the 1.2680 level. Further below, note the 1.2650/1.2660 range and the weekly S1 simple pivot point at 1.2643. If all of these levels are passed, the GBP/USD could reach the 1.2600 level and the impact zone that surrounds it.

However, a strengthening of the Pound against the US Dollar is set to face the combined resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at the 1.2710 level. Above the technical level combo, note the resistance range at 1.2760/1.2770 and the weekly R1 simple pivot point at 1.2768.
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Mon, 29 Jan 2024 14:56:23 GMT

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