GBP/USD is limited to 1.2700/1.2780

Source: Dukascopy Bank SA


The volatility of the US CPI release limited the GBP/USD rate to the 1.2700/1.2780 range. Namely, support is at 1.2700 where the round price level acts as support together with the 200-hour simple moving average. Resistance is provided by the 1.2780/1.2795 range.

A move below 1.2700 could look for support in the various recent low levels at 1.2685 and 1.2675, before the pair reaches the notable 1.2590/1.2610 range.

In the case of a recovery of the Pound against the US Dollar, the rate has to break the 1.2780/1.2795 range and the 1.2800 level.
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