GBP/USD reaches 1.3600 mark

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Source: Dukascopy Bank SA


As the US Federal Reserve released the FOMC Meeting Minutes, the GBP/USD surged due to markets observing US Dollar's weakness. The event resulted in a test of the 1.3600 level's resistance.

If the pair reaches above the 1.3600 mark, the rate could test the resistance zone of early February high levels at 1.3620/1.3629. Above this zone, note the 1.3640/1.364 zone, which captures the February 10 high level. In addition, the weekly R1 simple pivot point was located at 1.3646.

However, a potential decline could first look for support in the weekly simple pivot point at 1.3568, before falling to the combined support of the 50, 100 and 200-hour simple moving averages at the 1.3550 mark. Below the simple moving averages, note the February low level zone at 1.3488/1.3497. Moreover, take into account the weekly S1 simple pivot point at 1.3492 and the 1.3500 mark.
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