GBP/USD returns to 1.2700

Source: Dukascopy Bank SA


The rate was testing the resistance zone above 1.2800, as the US employment data release revealed that the US interest rates can remain higher for longer. The GBP/USD plummeted and headed to the 1.2700 mark.

A move below 1.2700 could be slowed down by the 1.2680 level that has acted as support in late May. Further below, take into account that the 1.2650 level has acted as support and resistance. In addition, there is the trend line of the ascending channel pattern that captures the rates broader surge. The trend line is crossing the mentioned levels to the upside.

In the case of a recovery of the currency pair, note the previously active support and resistance levels at 1.2750, 1.2800 and the range above it. If these levels are passed, then the rate is bound to be slowed down by 1.2900, before the 1.3000 is reached.
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