GBP/USD trades below 1.2700

Source: Dukascopy Bank SA


As the markets wait for the UK elections, the GBP/USD has been drawn to the 1.2700 mark as a magnet. However, most recently, the pair bounced off this level and started a decline. On Wednesday, the rate was expected to reach the 1.2620 level.

If the 1.2620 level once again acts as support, the pair could recover and face the resistance of the weekly simple pivot point at 1.2668 and the combination of the 50, 100 and 200-hour simple moving averages near 1.2680. Note that the 200-hour SMA has been acting as resistance during the early trading of this week. Above these levels, the 1.2700 is highly likely going to act as resistance.

On the other hand, a decline of the Pound against the US Dollar below the 1.2620 level could look for support in the 1.2600 mark and the weekly S1 simple pivot point at 1.2596. Further below, support could be found in the weekly S2 at 1.2550.
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