GBP/USD faces 1.2700

Source: Dukascopy Bank SA


As expected, the GBP/USD has reached the 1.2700 mark. Current issue for further surge is the fact that the 1.2700 represents strong resistance.

A decline could look for support in the 50-hour SMA near 1.2680 and the 100-hour SMA near 1.2650. In addition, note the 1.2640 level, where the weekly simple pivot point is located at and the prior May high level at 1.2634. Further below, note the 200-hour SMA and the 1.2600 mark.

If the 1.2700 mark holds, the rate could surge to the weekly R1 simple pivot point at 1.2771 and the upper trend line of the channel up pattern. Moreover, note the 1.2750 level that could act as resistance.
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