GBP/USD has support from 1.2700

Source: Dukascopy Bank SA


Despite passing below 1.2700, the GBP/USD has not declined, as support was found in the 1.2680 level. This level managed to force the pair to trade back above 1.2700. On Monday, the publication of the US ISM Manufacturing PMI caused a surge of the rate and it was set to once again test the 1.2800 mark.

A move above the 1.2800 level and the weekly R1 at it could result in the rate eventually reaching the upper trend line of the broad channel up pattern and the 1.2900 mark. However, note the weekly R2 simple pivot point at 1.2860.

On the other hand, a decline of the Pound against the US Dollar would first look for support in the 1.2760 level. Afterwards, the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point could act as support near 1.2740. Further below, the 1.2700 level would once again act as support.
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