GBP/USD respects pivot point

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


In the aftermath of the Bank of England rate hike, the Pound recovered against the US Dollar. The recovery appears to have been stopped by the weekly S1 simple pivot point at 1.2740. By mid-Friday, the pair was trading just above the support of the 1.2700 mark.

A move below 1.2700 could result in the pair once again looking for support in the 1.2650 level and the weekly S2 simple pivot point at 1.2635. Further below, take into account the zone that surrounds the 1.2600 mark.

On the other hand, a recovery of the Pound against the USD is set to face resistance in the 1.2710/1.2740 range where the 50-hour SMA, the weekly S1 simple pivot point and a prior resistance zone are located at. Above these levels, note the 100-hour simple moving average at 1.2761, the 1.2800 level and the 200-hour SMA near 1.2817.
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