GBP/USD returns to 1.2900

Source: Dukascopy Bank SA


After failing to reach the 1.3050 mark, the GBP/USD overextended its surge at 1.3045, booked a new 2024 high level and started a decline. Eventually, the pair found support in the 1.2900 mark.

The recovery of the Pound against the US Dollar is encountering resistance in the combination of the 50 and 200-hour simple moving averages near 1.2935. If these levels are broken, the rate might be slowed down by the 1.2950 level, the weekly simple pivot point and the 100-hour simple moving average. A failure of these levels to hold is most likely going to result in a test of the 1.3000 mark.

In the case of a decline of the currency pair, it will look for support in the 1.2900 mark. If this level fails, the weekly S1 at 1.2859 and 1.2850 might stop the decline, before the 1.2800 mark and the weekly S2 are reached.
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