GBP/USD finds support in 200-hour SMA

Source: Dukascopy Bank SA


Despite passing below the 1.2700 mark, the GBP/USD did not decline further, as it found support in the 200-hour simple moving average at 1.2675. On Monday, the rate was reaching new high levels and aiming at the 1.2800 level.

Before reaching the 1.2800 mark, the rate has to reach above the weekly R1 simple pivot point at 1.2773. If the rate reaches above 1.2800, the weekly R2 might act as resistance at 1.2810. Higher above, note the ascending trend line of the broad channel up pattern, the 1.2850 level and the weekly R3 at 1.2859.

On the other hand, a decline of the pair is expected to find support in the 1.2750 level and the combination of the 50 and 100-hour simple moving averages together with the weekly simple pivot point at 1.2725. If these levels fail, the 1.2700 mark and the 200-hour simple moving average are highly likely going to act as support.
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