GBP/USD returns to 1.2700

Source: Dukascopy Bank SA


In the aftermath of the high USD volatility, the GBP/USD has returned to trade near the 1.2700 mark. The 1.2700 appears to have failed to act as support, but the 1.2680 level has provided support and caused a recovery. On Wednesday, the recovery faced the resistance of the 50 and 100-hour simple moving averages and the 1.2735/1.2750 range.

A move above the resistance range is highly likely set to approach the 1.2800 mark. The 1.2800/1.2820 range is strengthened by the weekly simple pivot point and the 200-hour simple moving average.

In the case of a decline, the currency pair would have to pass the support of the 1.2700 mark, before approaching the 1.2615/1.2625 range and the weekly S1 simple pivot point.
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Wed, 07 Aug 2024 12:50:23 GMT

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