GBP/USD recovers after almost touching 1.3000

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Source: Dukascopy Bank SA


During the night to Tuesday, the GBP/USD currency rate reached the support of the 1.3000 mark and a recovery followed. By the middle of Tuesday's European trading hours, the pair had recovered and almost reached the resistance zone at 1.3082/1.3102. Take into account that the zone was strengthened by the 100-hour simple moving average near 1.3085 and the weekly simple pivot point at 1.3100.

If the Pound bounces off the 1.3082/1.3108 zone against the US Dollar, the pair could initially look for support in the 50-hour simple moving average near 1.3040. Below the moving average, the 1.3000 might once again act as support.

However, a surge above 1.3102 would face the 200-hour simple moving average and a resistance line in the 1.3120/1.3140 area. Further above, note the 1.3171 level where the weekly R1 simple pivot point is located.
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