GBP/USD breaks resistance levels

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Source: Dukascopy Bank SA


Despite piercing the support of the 1.3100 mark, the GBP/USD did not decline to the support of zone of the last week's low levels at 1.3052/1.3071. Instead, starting from GMT midnight hours to Tuesday, the rate started a surge. By the middle of the day's trading, the rate had broken the resistance of the weekly simple pivot point, the 50, 100 and 200-hour simple moving averages and the trend line, which connected recent high levels.

If the Pound continues to recover against the US Dollar, the currency exchange rate might aim at the weekly R1 simple pivot point at 1.3175 and the last week's high level zone at 1.3175/1.3183. Higher above, the 1.3200 mark is expected to act as resistance.

Meanwhile, a decline of the pair could look for support in the technical levels that are spread out from 1.3113 up to 1.3125, before approaching the 1.3100 mark and the low level zone at 1.3052/1.3071.
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