GBP/USD bounces off 1.2750

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Source: Dukascopy Bank SA


During the week of notable US data releases the GBP/USD surged to the resistance of the 1.2750 level. The resistance was enough to cause a decline, which on Friday was passing below the weekly simple pivot point at 1.2640.

An extension of the ongoing decline could look for support in the 1.2620 and 1.2600 levels. Further below, note the 1.2545/1.2565 range, which marks the August low levels.

However, a recovery of the Pound against the US Dollar would have to break the combination of the 50-hour SMA and the 1.2700 mark, before testing the weekly R1 at 1.2732 and the 1.2750 level.
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