GBP/USD could reach 1.2800

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Source: Dukascopy Bank SA


The currency pair found support in the 100-hour simple moving average near 1.2725 and recovered. Eventually, with the additional support of the 1.2735/1.2750 range, the GBP/USD passed above the 200-hour simple moving average.

In the near term future, the pair could surge to the 1.2800/1.2820 range. Higher above, take into account the resistance of the weekly R1 at 1.2828. If these levels fail, the combination of the weekly R2 at 1.2898 and the 1.2900 mark might be reached.

On the other hand, a decline of the currency pair is expected to look for support and the 50 and 200-hour simple moving averages, the 1.2735/1.2750 zone and the weekly simple pivot point in that zone. Further below, the 100-hour simple moving average could slow down the rate, before it reaches the 1.2700 mark.
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Mon, 12 Aug 2024 14:24:07 GMT

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