GBP/USD confirms new support and resistance

Source: Dukascopy Bank SA


On Friday, the United States Bureau of Labor Statistics published the country's monthly employment data. Markets reacted to the release by buying the US Dollar and selling off other assets.

On the GBP/USD charts it resulted in a decline to levels near 1.2580, before a recovery occurred. This move and the price action before have confirmed the existence of support and resistance ranges at 1.2575/1.2585 and 1.2665/1.2685. Meanwhile, the notorious 1.2590/1.2610 range did not manage to impact the rate during the fundamental event. On Monday, the price fluctuated between the resistance of the 50-hour simple moving average and the 1.2640 level and support levels at 1.2615/1.2620.

A surge above 1.2640 could result in a test of the resistance of the 1.2665/1.2685 range. Higher above, take into account the 1.2700 mark and the weekly R1 simple pivot point.

In the case of a GBP decline against the USD below the weekly simple pivot point and the 100 and 200-hour simple moving average, the rate could still find support in the 1.2600 mark. Further below, the 1.2575/1.2585 range is expected to act as support.
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