GBP/USD aims at 1.3000 level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Monday, the GBP/USD currency pair reached a new low level during the early trading hours of the week by touching the 1.3010 level. However, the pair started a recovery, before reaching the 1.3000 mark. By the middle of the day's trading, the pair appeared to have recovered to the combined resistance of the 50-hour simple moving average at 1.3070 and the 1.3080 mark.

If the pair resumes its decline, the Pound is expected to look for support at 1.3010 and 1.3000 mark. Below the 1.3000 mark, the weekly S1 simple pivot point at 1.2970 might act as support.

However, a recovery of the pair is set to face strong resistance. There is resistance zone at 1.3082/1.3102, the 50-hour SMA near 1.3070, the weekly simple pivot point at 1.3100 and the 100-hour simple moving average near 1.3105. In addition, the 1.3100 is expected to act as resistance on its own.
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