GBP/USD tests resistance zone

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Source: Dukascopy Bank SA


The lower than expected overall US inflation data was taken in by the markets as a signal that the US Federal Reserve would not continue to hike interest rates. The news caused a drop of the US Dollar. On the GBP/USD charts it resulted in a surge, which by mid-Thursday was testing the resistance of the April high level zone at 1.2510/1.2525.

A move above 1.2525 could be slowed down by the weekly R1 simple pivot point at 1.2533. Higher above, round exchange rate levels might act as resistance, before the weekly R2 simple pivot point is reached at 1.2654.

In the case of a decline of the pair, the rate could look for support immediately in the 1.2500 mark, which has acted as resistance overnight. Further below, note the 1.2450 mark and the ascending 50, 100 and 200-hour simple moving averages.
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