GBP/USD breaks 1.2800/1.2820 range

Source: Dukascopy Bank SA


Friday's US employment data revealed that the US economy is slowing down, as unemployment increased. This in turn signals that the US Federal Reserve can cut interest rates and weaken the USD. Meanwhile, the UK elections were rather calm. On the GBP/USD charts, it resulted in the pair passing above the 1.2800/1.2820 resistance range, as the Pound has strengthened, compared to the US Dollar.

The ongoing surge could be slowed down by the 1.2860 level and the weekly R1 simple pivot point at 1.2881. Higher above, the 1.2900 mark is most likely going to act as resistance.

In the case of a decline of the Pound against the Dollar, the 1.2800/1.2820 range is bound to act as support. Moreover, this range will be strengthened by the 50-hour SMA. Below the range, take into account the combination of the 1.2750 level, the weekly simple pivot point at 1.2748, the 100-hour simple moving average and the 1.2740 level.
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