GBP/USD fluctuates at 1.3050/1.3100

Source: Dukascopy Bank SA


Since Monday, the GBP/USD currency pair has been fluctuating between the support of the 1.3050 level and the resistance range near 1.3100. In the meantime, the pair has passed the upper trend line of the channel down pattern.

In general, the pair is waiting for the publication of the US Consumer Price Index data. The CPI will show the direction of the rate.

A potential resumption of the prior decline is expected to look for support in the 1.3050 and 1.3000 levels. If these levels fail, the weekly S1 might act as support at 1.2979.

On the other hand, a recovery of the Pound against the US Dollar would have to break the combination of the 1.3100 mark and the 50 and 100-hour simple moving averages. Higher above, the 1.3150 zone might act as resistance. If these levels fail, note the weekly simple pivot point at 1.3201 and the 1.3200 level.
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