GBP/USD faces resistance at 1.3000

Source: Dukascopy Bank SA


Last week, the GBP/USD declined below the 1.3000 mark. Since then, the pair has been finding support in 1.2900 and 1.2940 and testing the resistance of 1.3000. In the meantime, it has been observed that the rate has been ignoring the weekly simple pivot points and the hourly simple moving averages.

In the case of a Pound's surge against the US Dollar, the rate would have to break the 1.3000 mark. Higher above, resistance might be found in the weekly R1 simple pivot point. However, it is more likely that the 1.3060/1.3070 range acts as resistance.

A potential decline of the currency exchange rate is expected to look for support in the 1.2940 and 1.2900 levels. In addition, note the weekly S1 simple pivot point at 1.2891. Further below, the 1.2850 and 1.2800 levels are highly likely to provide support.
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