GBP/USD bounced off 1.2800

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Source: Dukascopy Bank SA


The 1.2800 level has been reached as expected. It has acted as resistance and the scenario of a decline has been ongoing. At mid-Wednesday, the pair passed below the 200-hour simple moving average and the weekly simple pivot point near 1.2725. Next target was the 1.2700 mark

If the 1.2700 level fails to hold, support could be looked for in the weekly S1 simple pivot point at 1.2687, before the pair aims at the lower trend line of the broad channel up pattern and the weekly S2 at 1.2638.

A potential recovery of the Pound against the US Dollar is expected to face the 200-hour SMA and the weekly simple pivot point at 1.2725 as resistance. Higher above, the 100-hour SMA might slow down a surge, before the 50-hour SMA and the weekly R1 are reached near 1.2770.
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Wed, 29 May 2024 14:50:03 GMT

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