GBP/USD remains near 1.2900

Source: Dukascopy Bank SA


The GBP/USD had reached below the 1.2900 mark, but found support at 1.2880. On Wednesday morning, the rate was fluctuating between these two levels, as the UK S&P 500 Purchasing Managers Indices were released. The better than expected data caused a surge of the Pound against the US Dollar above the 1.2900 level. However, resistance was encountered in the 50-hour simple moving average.

A move above the 50-hour SMA could result in the rate facing the 100-hour SMA. Higher above, the combined resistance of the 200-hour SMA, the weekly simple pivot point and the 1.2950 level might stop a potential recovery.

In the more likely case of a resumption of the prior broader decline, the 1.2900 and 1.2880 levels might slow down the rate, before it reaches the support of the 1.2845/1.2855 range and the weekly S1 simple pivot point at 1.2859.
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Wed, 24 Jul 2024 10:24:12 GMT

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